.............. Better still, unlike banks, these schemes had no KYC (Know-Your-Customer) requirements; nor did they ask any pesky questions about the source of funds etc. This, no doubt, suited the large black economy flourishing in the country. Net result was you had all the ingredients of a financial scam in the making. In such a scenario, greater access to formal banking (read more bank licences, never mind that NONE of the new private banks has an extensive presence in the rural areas) is clearly not an answer. What about an omnibus financial sector regulator on the lines recommended by the recent FSLRC (Financial Sector Legislative Reforms Committee) report? Would that be an answer? ..................
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