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Private banks go offbeat to make inclusion effective
A decade ago, financial inclusion was merely a regulatory compulsion for most private banks in the country. But now many of them have stepped up efforts to improve the penetration of banking services, notwithstanding their disagreement over Nachiket Mor committee's recommendations on financial inclusion.
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Opinion: The U.S. Post Office Banks on the Poor
People like to complain about banks popping up like Starbucks on every corner these days. But in poor neighborhoods, the phenomenon is quite the opposite: Over the past couple of decades, the banks have pulled out.
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A Bank Account for All Adults … By 2016: India’s Nachiket Mor committee report has made headlines – will it make an impact?
In India, 40 percent of the population doesn’t have access to financial services. But a Reserve Bank of India committee has recommended providing bank accounts for all Indian adults by 2016 - and it has an intriguing plan for doing so. Some see this as “the starting point for a new financial architecture" in India. Will the impact measure up to the ambition?
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Kenyan Banks Battle to Go Fully Digital in Race for Cheap Deposits
A customer can deposit cheques, open an account, place standing orders, transfer funds, make balance enquiries and pay for utilities without actually going to the banking hall.
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- Sub-Saharan Africa
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Banking by Boat Spells New Client Growth for Indonesia’s Bank Rakyat
The absence of cash machines on many of Indonesia’s Spice Islands, where cloves and nutmeg once made sultans and European explorers wealthy, means banking is often done on boats that can carry automated teller machines.
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“It is high time for mobile network operators to transform”: The CEO of Eko, on bridging the bank/telco divide
There is no love lost between banks and telcos in many countries. But Eko has found a way to leverage the strengths of both to bring needed banking services to underserved customers. In Part 5 of our Mobile Money Movers series, Eko CEO Abhishek Sinha discusses his company’s unique branchless banking model, and the need for telcos to evolve - perhaps by emulating Facebook.
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Nachiket Mor discusses his ambitious financial inclusion proposals for India
A few years ago, when he was based in Thanjavur after leaving ICICI Bank, Nachiket Mor used to decline requests from the press about financial inclusion, saying he had left that discipline. Over the past few months, however, he has come back into the field. He is on the RBI board. More recently, a committee headed by him just submitted an ambitious report on financial inclusion. ET's Vidhya Sivaramakrishnan met Mor for a chat.
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Financial Inclusion Gets to Lagos Slum
Sterling Bank’s recent extension of its financial services, through the agent banking model to Makoko, a slum area in Lagos, has attracted a lot of attention.
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