Nachiket Mor discusses his ambitious financial inclusion proposals for India

Friday, January 17, 2014

Don’t you think Jan 1, 2016 is too ambitious a deadline?

Our first recommendation is everybody should have an electronic bank account. Then the question is why 2016. Because Aadhaar will be done by December 2015. When you get your Aadhaar number, all the details required to open a bank account has already been examined by Aadhaar — address proof, ID proof, everything. So, at the point you are issued your Aadhaar number, you are fully compliant with RBI’s current KYC. If Aadhaar had completed the task today, I would tell you the target is tomorrow. I will give you 100% bank accounts. Because, it is just a database transfer.

The more important question is — can I access that account? Can I use that account for something? That’s an issue. It seems to me that giving people across the country a bank account is a trivial matter. The pace at which Aadhaar is going, they might get done before 2015.

Source: Economic Times (link opens in a new window)

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branchless banking, financial inclusion, governance, mobile finance