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Financial inclusion in India got a boost when governor Raghuram Rajan proposed these radical reforms to address the problem that more than half the Indian population do not have access to financial services. Interesting in a country that as we discussed last week has a strong (243 million strong) “mobile first” generation of internet users.
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The Reserve Bank of India has proposed major reforms to boost financial inclusion, issuing draft guidelines allowing the likes of supermarkets and cellular phone companies to set up Payment Banks and permitting NBFCs and others to set up Small Banks whose licenses will be restricted to specified areas.
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