New Delhi, Dec. 9 -- Consider these five seemingly unrelated though connected characteristics of our financial markets.

First, the debt market is one largely for higher rated companies. If the rating of a bond or debenture is not AA or AAA, it is hard to find investors.

Second, those who cannot access the bond market can still borrow from banks (so we have financial inclusion).

Third, almost all bank lending, except when it is specified as being unsecured, is backed by collateral; hence lower rated units can borrow on this strength.

Fourth, banks also invest in securitized assets, where a pool of assets is segregated by seniority for sale to other investors; asset pooling is not new.

Last, a green ecosystem has emerged where banks ra...