Without broadband, financial inclusion in India will remain a ‘pipe dream,’ says telecom regulator chairman

Thursday, April 30, 2015

Advocating deeper broadband penetration to ensure success of Jan Dhan scheme, telecom regulator TRAI’s chief Rahul Khullar today said financial inclusion will otherwise remain a “pipe dream” and merely opening bank accounts will not serve the purpose.

“We have Jan Dhan Yojana in place. I have been told that magnificently large number of bank accounts have been opened and I am also told that large number of those accounts are dormant,” Khullar said here while speaking at an Assocham event on financial inclusion.

“Merely talking about them or merely opening bank account will not get you the job. Take it from me. If you open 100 million accounts and most of them lie dormant… It is a typical Indian thing that you can pat yourself on your back… (What is the) big deal. What is the outcome, if net outcome is that nobody trusts it….,” he said.

In strong comments on the issue, the TRAI Chairman further said there was a need to have a re-look at the entire issue of financial inclusion.

Source: Indian Express (link opens in a new window)

financial inclusion, telecommunications