OPINION: India’s Mor Report on Financial Inclusion Doesn’t Focus Enough on Expanding Access to Credit

Tuesday, March 25, 2014

The report recognises that the poor save; that they need a safe, interest-earning formal repository that is easily accessible in the face of income and event risk; and that the mobile phone network, supplemented by business correspondents, is the best way by which to reach vast swathes of the hinterland. It recommends that the present network of prepaid instruments and e-wallets, provided in a limited way by a few authorised mobile phone service companies, be allowed to grow into payments banks which will allow cash withdrawals.

Source: Business Standard (link opens in a new window)

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banking, financial inclusion, governance, lending, microfinance