Payment Banks as Financial Levellers
Tuesday, February 18, 2014
The Nachiket Mor committee on financial inclusion’s recommended objective of banking for all by 2016 is a tall order. There is no doubt about the need for that goal, but India’s record on achievement of such objectives has been dismal. Education for all and health for all are two striking examples where the goal post kept shifting by 10 years, till eventually the field was changed. Moreover, often government mandated services are converted into achieving hard parameters—how many new accounts, new branches, new agents, etc. Soft parameters such as the quality and usability of services are overlooked.