"Well let me put it this way, the direction is the right one. The level is wrong. We have too much of the wrong kind of regulation and too little of the right kind of regulation," Rajan said yesterday.

"At the same time there are a whole set of new businesses coming in that we have to find ways to deal with. For example, online lending. How do we do with what happens in a downturn?" Rajan said. He was responding to a question on economic reforms in the country.

Rajan rued that people tend to talk only about big ticket items, but not the other reforms that are currently being undertaken.

Hopefully it will be done sooner rather than later. But really there's a lot going on the ground which is less obvious," he said.

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