But let me make one thing clear: this is not meant to be a relaxation of standards; rather, it is a necessary calibration to ensure that the financial needs of the public are truly met by the industry. The critical issue to determine then is how inclusive our banking system has become.
Our ultimate goal is for banks to cover even the underbanked, the unbanked, and those that have been mis-labeled as “unbankable.” This is quite a challenge in a country of 7,107 islands with a total population of 100 million and where only 20% of households have bank accounts. Nevertheless, we continue to make progress in this area.