.........The
way forward is to have a unified regulator spanning the entire
financial sector, after first unifying the financial sector itself as a
formal, inclusive sector amenable to regulation. Till that is achieved,
we will have to make do with piecemeal empowerment of segmental
regulators. It is time the government and the RBI stopped dither on
creating banking inclusion via Aadhaar-enabled no-frills accounts. That
is the first step to effective regulation of finance.
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