ICT based financial inclusion - carving a new path through innovation - K C Chakrabarty

Address by Dr K C Chakrabarty, Deputy Governor of the Reserve Bank of India, at the

Inaugural Plenary session of the 7th BANKing TECH Summit 2012, Mumbai, 28 June 2012

.......Recently, I came across the report submitted by Consultative Group to Assist the Poor (CGAP) and ACCESS based on the “Retreat on the Business Correspondent (BC) model” which was jointly organized by the College of Agricultural Banking (C.A.B.), Reserve Bank of India and ACCESS. The report spells out the challenges faced by both banks and BCs in extending facilities to the recently financially included and to the financially excluded. The findings indicate that the banks have to ensure that the BC model finds space in the business strategies of the banks and not in the footnotes of their annual reports and that the banks should make client acquisition under this model a business proposition; and not treat it as a CSR activity. An important observation indeed!...........

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