India needs more banks, the RBI should issue fresh licences with dispatch

Broad and Welcome

.....Finally, the RBI has invited applicants to suggest how they would go about achieving financial inclusion. This attention to financial inclusion is welcome. But the RBI must give up the idea that financial inclusion would be achieved through expansion of branch networks to unbanked areas. Rather, financial inclusion should be predicated on deployment of new technologies, such as mobile banking, taking advantage of the Aadhaar project and the ongoing rollout of broadband and power to rural areas...............

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