India Announces First Bank Licences in a Decade

Thursday, April 3, 2014

The Reserve Bank of India (RBI) announced “in-principle” approval for Mumbai-based IDFC, a major infrastructure project lender, and microfinance company Bandhan Financial Services, located in eastern India, to establish banks.

Just 35 percent of Indian adults have bank accounts, a figure which the RBI calls “miniscule” and says shows a “crying need for a further push to the financial inclusion agenda” to include India’s poorest.

Source: Global Post (link opens in a new window)

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banking, financial inclusion, governance, microfinance