ABSTRACT
The conversations with Bimal Jalan presented in this chapter highlight the importance of the initiatives taken by both the RBI and the Government of India by celebrating the success of the PMJDY project. However, the highlight of the conversation is about the importance of having structural stability as a precondition for financial inclusion to happen. Managing the access to financial services to the vulnerable sections of society during times of financial crisis needs a different approach, and planning for the eventuality is critical. In addition, there is stress on the consumer protection architecture recognising that the clients of financial inclusion would be from the most vulnerable sections of society.
The caution that Jalan articulates is also in the context of innovation and aggressive growth of new institutions in the context of the regulations not having completely evolved, thereby creating a risk for the customers. All new initiatives should be welcomed, and encouraged, but with a great degree of caution.
