announced on july 02, 2015. the nbfc - aa will provide a technology enabled solution to a person to view at one place the position of his financial assets across institutions under different sectoral regulators. the guidelines for the same are under preparations. 31. also, the reserve bank is actively studying the peer - to - peer lending arrangements that are slowly gaining traction. while recognising the need for innovative products and services, we should be conscious about the risks that may emanate out of such innovations. based on the detailed study, we intend to bring out a discussion paper for public consultation. 32. there are demands that the regulations relating to the core investment companies need revisiting. this is a work - in - process. conclusion 33. to conclude, i can only quote what the fsb concluded in its 2015 report. “ intermediating credit through non - bank channels can have important advantages and contributes to the financing of the real economy, but such channels can also become a source of systemic risk, especially when they are structured to perform bank - like functions ( e. g. maturity and liquidity transformation, and leverage ) and when their interconnectedness with the regular banking system is strong. appropriate monitoring of shadow banking and the application of appropriate policy responses, where necessary, helps to mitigate the build - up of such systemic risks ”. the reserve bank remains committed to such an approach. bis central bankers ’ speeches

banks still insist on getting executed especially in relation to loan products. can we really and seriously make an bis central bankers ’ speeches effort to rationalize and simplify the documents and documentation process and publish it as our commitment to the customers? there are new avenues of taking banking to the people. one important challenge in this area is the success of the bc led banking / financial inclusion model. the code of bank ’ s commitments to customers ’ needs to articulate the actions to be taken by the bank while selecting a bc and the training that he / she will be provided to undertake or execute financial transactions on behalf of the bank. “ financial inclusion ” is high on the agenda of the government and the reserve bank of india. can we evolve a code for development and implementation of financial inclusion plans and place them in the public domain as a part of our corporate social responsibility? credit information bureaus are of very recent origin in india. many individuals are not aware of the existence of such institutions and are shocked to find their names appearing in the defaulters list making it difficult for them to access the banking system for their credit needs. the banks need to take up customer education in this regard as a part of their code of commitments. the reporting methodology, implications of reporting, rectification mechanism, and remedy for wrong reporting must be properly communicated to all the customers. financial literacy and education are becoming increasingly important. the inputs in this regard could be made available in different formats including large print, braille, dvd, audio etc. the rbi had set up a committee, under the chairmanship of former sebi chairman shri m damodaran, to look into the entire gamut of customer service related issues in the banking industry including a review of the banking ombudsman scheme. the total number of recommendations made by the committee in its report was 232. of these total recommendations, 22 are to be examined by the rbi / government. the remaining 210 recommendations have to be examined for acceptance and implementation by the banking industry. the iba has already issued operational guidelines in respect of 88 recommendations. in respect of 38 other recommendations the iba initially had said no comments. “ no comments ” according to me is an acceptance of these recommendations and it should not be difficult for the iba to issue clear guidelines in regard to these recommendations. there remain a few other recommendations on which the banks and the iba had earlier expressed strong reservations. at a meeting held with the leading bankers on december 16, 201, i