As part of this process, a Discussion Paper on Banking Structure was released, taking on board the observations made by earlier committees in this regard. Two  10  S. Claessens, S.R. Ghosh and R. Mihet (2013). “Macroprudential policies to mitigate financial vulnerabilities.” Journal of International Money and Finance 39, 153–185.
6  BIS central bankers’ speeches  salient features of the Discussion Paper were advocating a multi-tiered banking structure to cater to various niches of the society supplemented by a process of continuous authorisation for new banks to enhance competition, enrich product diversity and promote newer ideas in the financial marketplace.