It may appear in the first instance that taking banking to the sections constituting “the bottom of the pyramid”, may not be profitable but it should always be remembered that even the relatively low margins on high volumes can be a very profitable proposition. Financial inclusion can emerge as commercial profitable business. Only the banks should be prepared to think outside the box!
How to design macroprudential policy  With this in mind, I would like to turn to the more practical issues associated with the question “how to design macroprudential policy?”. For efficient macroprudential policy, two things are crucial: a thorough analysis of the build-up of systemic risk to be able to issue warnings and recommendations, and the translation of such warnings into policies and action.