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Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 29 October, 2010, 13:15Be the first to give this comment the thumbs up 0 likes

Ironic as it might sound in the backdrop of all the chatter from banks about the adverse impact of regulation, the fact is retail banks are being protected from disintermediation by regulation - at least in India.

In the case of Nokia Money in India, fact is banks - or a specific one called YES Bank - is an integral part of the process flow. No YES Bank, no Nokia Money - it's as simple as that. According to India's banking regulator, at least one of the two parties in a Nokia Money transaction - sender or receiver - must have a YES Bank account, for non-banks are barred by law from taking deposits in India.

It could be argued that such regulation is stifling innovation, but the fact is, they're protecting disintermediation of banks from the retail banking market. It could be predicted that regulators in emerging countries will become more liberal over time, which would accelerate the disintermediation of banks. That's somewhat unlikely because most of them are publicly applauded for insulating their economies from the Great Recession by following conservative policies.