India may benefit from financial access initiative

.........On the goal of universal access to financial services Mr. Kim said this month that it was “within reach thanks to new technologies, transformative business models and ambitious reforms,” adding that by as early as 2020 instruments as e-money accounts, debit cards and low-cost regular bank accounts could significantly increase financial access for those who are now excluded. Recognising that 650 million people still lack sufficient access to financial services in India the Reserve Bank of India introduced a regulation in 2006 allowing banks to use the services of third-party, non-bank agents to extend their services right to people’s doorsteps, the multilateral Consultative Group to Assist the Poor recently noted............

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