RBI Governor Pitches for 'Balanced Regulations'

Reserve Bank Governor Sanjay Malhotra on Wednesday said regulations should not create "unintended barriers" for deepening financial inclusion.

- Press Trust of India

MUMBAI:

Speaking at the Financial Action Task Force (FATF) event here, Malhotra said policymakers should also be mindful and not be "overzealous" with their measures, adding that legitimate activities should not be stifled.

India has made substantial progress on financial inclusion with 94% of adults now having a bank account, Malhotra said, adding a word of caution for regulators.

"It must be ensured that regulations do not create unintended barriers to financial inclusion. We need to be mindful of customer rights and convenience while fulfilling the due diligence requirements," he said.