But there is another interpretation as well - the Phillips curve elasticities may have remained broadly stable, while at the same time a downward trend is pushing down inflation persistently.
Let me therefore challenge Fintechs to work closely with banks, non-bank financial institutions and especially rural and community banks to come out with several other products and services that will further bring banking and financial transactions closer to the public. I see endless opportunities with 7  this financial inclusion triangle and I hope the players also realise the enormity of opportunities it presents.