Key Points
Governments and regulators rarely face the ramifications of being too successful, yet that is precisely the situation unfolding in Indias banking sector, stock market, and indirect tax revenues...
Since 2014, the Narendra Modi government has been aggressively expanding access to banking services and encouraging more people to participate in the stock market..
The second success the government and its financial sector regulator the Securities and Exchange Board of India (SEBI) in this case have been grappling with has to do with retail participation in the stock market...
From SEBI chairperson Madhabi Puri Buch cautioning about the growth of the options market to the RBI highlighting its concerns, the official line has reversed: retail participation in the options market needs to be curbed...
For example, the RBIs latest Financial Stability Report has pointed out that, for private banks, the share of slippages fresh additions to non-performing assets (NPAs) from retail loans is increasing.. In other words, the government and the RBI encouraged people to sign up for bank accounts, but are now finding that they might be using banking services, particularly the lending function, too much for comfort...
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