Towards this endeavor, the Reserve Bank has been quite restrictive in authorizing NBFCs to collect deposits. Indeed the number of NBFCs allowed to collect deposits has come down from 1420 in 1998 to less than a fifth, 257, by 2013. Also deposit taking NBFCs comprise only about 2 per cent of the total number of NBFCs registered with the Reserve Bank.
In that regard, our sister countries must urgently focus on the development of appropriate land, sea and air transport logistics and framework. This will contribute to bringing down the obstacles that stand on the path of the economic evolution of the continent. Before concluding, let me quote a Chinese proverb that I deem fitting.