is not true. of course, technology can also offer answers to check fraud. can we enlist social media in enabling the public to identify fraud and help regulation? how can we do this in a responsible way? again, these are questions at this point, but i am sure we will find the answers. let me conclude. technology, with its capacity to reduce transaction costs, is key to enabling the large volume low ticket transaction that is at the center of financial inclusion. by collecting and processing large volumes of data easily, technology can also improve the quality of financial decision making. when products have network effects, technology can ensure not just interoperability, key to obtaining the benefits of networking, but also security, key to maintaining the confidence of people and preventing them from withdrawing from the formal financial system once again. can the successful ict industry partner with the finance industry to revolutionize financial inclusion in this country? i sincerely hope you will. bis central bankers ’ speeches

network, every individual borrower will have something at stake – their credit history – which can serve to encourage timely repayment. this, in turn, can improve the willingness of banks to lend. bis central bankers ’ speeches finally, let me turn to consumer literacy and protection. as we reach more and more of the population, we have to be sure that they understand the products they are being sold and have the information to make sensible decisions. caveat emptor or let the buyer beware is typically the standard used in financial markets – that is, so long as the buyer is not actively misled, she is responsible for researching her product choices and making purchase decisions. while this puts a lot of burden on the buyer to do due diligence, it also gives her a lot of freedom to make choices, including of course the freedom to make bad choices. but with poorly informed and unsophisticated investors, we should consider the dr. nachiket mor committee ’ s recommendation of setting some guidelines on what products are suitable for different categories of investors. broadly speaking, the more complicated the product the more sophisticated should be the target customer. should we move to a norm where a suite of simple products is pre - approved for dissemination to all, but as products get more complicated, financial sector providers bear more and more responsibility to show that the buyer was sophisticated and / or appropriately counseled before she purchased? of course, the longer run answer is for customers to become more savvy. can the technology sector help educate people in financial matters? after all, finance is not something most people learn in schools, but it is something they encounter every day in the world. low cost but high quality distance finance education is something the country very much needs and we look to entrepreneurs here to think of innovative ways to provide it. before i conclude, one caveat. technology can magnify the reach of finance for bad purposes as well as good. many of you must receive frequent emails, purportedly from me, informing you of a large sum of money that awaits you at the rbi, and urging you to send me your account details so that i can transfer the money to you. let me assure you that the rbi does not give out money, i do not send these emails, and if you do fall for such emails, you will lose a lot of money to crooks and be reminded of the adage – if anything looks too good to be true, it probably