Mother-in-law' of invention

One-liners flew thick and fast at a session moderated by Vijay Mahajan of BASIX group during the Inclusive Finance India Summit. A member of the audience asked how new-age digital payment players such as Paytm, which had access to user data, ensured that such data were not misused to mis-sell financial products to the poor. Paytm Chief Financial Officer Madhur Deora said all these products were regulated closely and that would ensure there was no misuse. To this, Mahajan said: “Someone said necessity is the mother of invention. But regulation is the mother-in-law of invention. It is usually behind the curve, but eventually catches up.”