Seoul: The chief of the country's financial watchdog on Friday urged financial institutions to play a great role in productive and inclusive finance. "Financial institutions should not be indulged in a way of earning interest income easily," Lee Chan-jin, governor of the Financial Supervisory Service (FSS), said during a meeting with members of its advisory panel.

According to Yonhap News Agency, the watchdog will closely monitor household debts and property-related loans to prevent excessive capital inflows into the property market. Lee also emphasized that his agency will intensify efforts against unfair market practices while continuing measures for a capital market advance.

The FSS governor stated that it will further develop measures to strengthen the social safety net for the underprivileged by encouraging financial institutions to focus more on inclusive finance. Earlier, the country's top banking groups announced plans to implement 70 trillion won (US$46.9 billion) worth of inclusive finance schemes aimed at assisting the underprivileged, small merchants, and those facing finance access difficulties.