Banking on new technology
The Nachiket Mor Committee has recommended the RBI new banking concepts such as payments banks to boost financial inclusion. But there is also a strong pitch for embracing new technology to reach unbanked areas of the country. When it comes to money management, India has proved that it has miles to go in bringing banking facilities at the doorstep of every Indian citizen. The Reserve Bank of India (RBI) admits that half of Indian population still don’t have a bank account, which means they don’t have access to keep money safely with decent returns or borrow money for various requirements. There’s an answer to this problem. Bringing new technology in banking is a key factor. The banking regulator and banks have seen the writing on the wall. “Fifty per cent Indians still don’t have bank accounts. How do you allow this 50 per cent to be part of the economy? You thus have a revolution of demand. How will you ensure that they can avail of banking service...