Ihave been in many conferences about financial inclusion that identified the lack of a geographically deep and wide, efficient, low-cost and safe payments system as the starting point of financial exclusion. And every round table, every conference would end up bashing the banking regulator after, of course, a quick look round the room to ensure that nobody from the Reserve Bank of India (RBI) was there. What do mobile operators who offer e-wallets and other prepaid payment instruments (PPIs) want? Freedom from banks has been one of the core demands. A non-bank payment entity, such as a mobile wallet or a PPI company, is forced to tie up with a bank to provide the cash-out facility. This has its own set of issues in terms of cost and lack of protocols for this part of the market.