Late last month, the RBI came out with a circular that effectively barred non-bank issuers of prepaid payment instruments (PPI) from loading these instruments with credit. If you have a digital wallet, for example, you could only load it using the balance in your bank account or credit card. Non-bank providers will not be allowed to add funds that function as loans to you. This has created a flutter in the fintech industry whose captains feel the regulation may stifle financial reach and innovation. To help us with some perspectives today, we have with us Mr. G. Padmanabhan, former Executive Director at the Reserve Bank of India. In his capacity as Executive Director, he was in charge of the Departments of Information and Technology, Payment and Settlement Systems and Foreign Exchange. He was also later chairman at Bank of India.