There is a debate whether financial innovations should be regulated. Whether the innovators and entrepreneurs should be largely left alone, or whether public policy authorities should be actively involved in regulating those. 13. Innovations bring in positive changes in efficiency, productivity, quality, competitiveness, and market share, among other factors. However, as innovations usually result in paradigm shifts, they are typically disruptive.
The achievements of the banking system under the FIP can be accessed from the following monitoring data (for the period up to December 2013):i. Banking connectivity has been extended to nearly 328679 villages from 67,694 villages in March 2010.  ii. The total no of BSBDAs have gone up to 229 million of which 108 million are ICT based accounts. iii.