The basic lesson of the crisis, which is that the existing regulatory framework has severe pitfalls, shows that a space for heterogeneity - the space for unorthodoxy, is needed, said Shyamala Gopinath, a deputy governor of the Reserve Bank of India.

Gopinath said there was a renewed effort to redefine the regulatory philosophy and principles around a different mould. She said the danger in this was that the organic mould would continue to derive its legitimacy from the pre-crisis framework