RBI: let 3 million basic bank branches bloom | beyondbrics:
"Raghuram Rajan, the governor of India’s central bank, is keen on financial inclusion, an area where the country fares particular badly with around half the population without a bank account.
Perhaps one way of getting more Indian people and businesses into the financial system is to create basic banks that have no credit risk, but just take payments and deposits. Could it work?
On Tuesday, the Reserve Bank of India (RBI) published a report looking into financial services for low income households and small businesses, which has suggested setting up a new type of bank to take payments and deposits. The paper was produced by a committee Rajan set up in September, made up of bigwigs from India’s financial sector."
'via Blog this'
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