“Whatever is not written in regulation means a NO” ~ NPCI CEO. If this is meant as a best practice to other pvt sector companies from the CEO of one pvt sector company, that’s fine. https://twitter.com/ETtech/status/1761035897988915543.
However I hope he’s not talking on behalf of any govt agency because, in a democracy / capitalism, everything is supposed to be allowed except that which is banned. I can’t park where there’s a NO PARKING sign but I can park everywhere else. I can enter any road except the ones that are marked NO ENTRY. In the old LQR regime, I had to wait for regulator to approve my permit for a business before I started it. But, in a capitalism, I can engage in any business as long as there’s no rule against it. While the regulator can ex post facto change laws to ban that business, it cannot penalize the business owner for pursuing it before it changed the rule, or initiate any clawback therefrom. […] Court of law has ruled that absence of regulation can’t be grounds to reject a business model (RAPIDO). https://twitter.com/s_ketharaman/status/1611007224867872768. In a free market where govt does not tell what pvt sector should do or otherwise follow the Planned Economy regime, innovation will always precede regulation. Compliant innovation is an oxymoron. “Whatever is not written in regulation means a NO” will not only drive away innovation but even garden variety businesses to […] jurisdictions that follow the tenets of democracy / capitalism, namely, “Whatever is not written in regulation means a YES unless and until regulator writes a NO”.