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10-year-olds can open and operate a bank account alone, says Reserve Bank of India
Children older than 10 years will no longer need the help of their parents or guardians to open and operate a savings bank account. To boost financial inclusion, the Reserve Bank of India (RBI) on Tuesday said that banks were at liberty to allow minors above 10 years to independently open and operate savings bank accounts.
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PRESS RELEASE: Accion Venture Lab Invests in RevolutionCredit
Accion, a pioneer and leader in financial inclusion, today announced an investment in the financial capability and behavioral-credit insight company RevolutionCredit, through Accion Venture Lab, a $10 million initiative dedicated to providing seed capital and management support to financial inclusion start-ups.
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OPINION via Tony O. Elumelu: CSR as an anti-poverty instrument
In 2000, the United Nations made the historic announcement of eight Millennium Development Goals (MDGs). They were very specific and had a timeline of 15 years for delivery. Progress on most of these objectives has been encouraging, but as we look towards the next round of development goals, we must recognise how the world has changed since 2000.
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Making banking more secure, convenient through verification number
The World Bank Group’s newly launched Global Financial Development Report 2014 on Financial Inclusion estimated that half the world’s adults, approximately 2.5 billion individuals, do not have an account with a formal financial institution.
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- Education
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Forget Banks: If Bitcoin Is Going To Change The World, Then This Is The Real Competition
A central conceit of Bitcoin evangelists is that the cryptocurrency could be most useful to "the global unbanked."
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Indian microfinance bank Bandhan plans to open 600 branches
Microfinance outfit Bandhan Financial Services Ltd., which got a banking licence from the Reserve Bank of India on April 9, is planning to open around 600 branches, its Chairman and Managing Director Chandra Sekhar Ghosh said.
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- South Asia
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BLOG: Momentum Builds for 100 Percent Impact Investment Movement
When I first started working in impact investing, the field's challenges were foundational: refining the concept, finding suitable investments, figuring out how to measure impact, even determining what to call the concept. Work in all those areas continues, but the field has matured to the point where it's on the agenda of the G8, finance conglomerates feel they need to have an impact product, and the mainstream business press is taking notice (if skeptically). N
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Reserve Bank of India May Allow MFIs to Function as Business Correspondents of Banks
However, the move has faced serious opposition from various departments in the central bank.
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- South Asia
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