Financial literacy should spread among all the stakeholders to restrict intervention of unregulated players in the financial market as their activities are adversely affecting a large number of consumers, said Banking Ombudsman BK Bhoi here on Saturday, speaking at the National Financial Conclave on ‘Financial regulation in a changing world’ organised by the Asian School of Business Management (ASBM).
Addressing the budding management professionals, IIBM Guwahati and RBI former Director CC Mitra said there should be proper institution to design fiscal regulations. State Bank of Bikaner and Jaipur Chief General Manager (Commercial Banking) Shantanu Mukherjee said there is nothing called as a perfect regulation. Regulations are made to regulate any type of crisis in a financial market. Expressing concerns over the poor financial literacy among the people of India, ASBM founder director Prof Biswajeet Pattanayak said more than half of the population in India does not have access to finance. Objective of regulation is to protect the interest of the consumers. Regulation should not be dogmatic. It should be pragmatic to achieve the financial goal.