......Financial inclusion—access to formal savings, credit, transaction, and insurance accounts at affordable cost to three quarters of the world’s poor—is an ambitious undertaking and its success hinges on such details as easy, secure interoperability. Success so far in India, a country where almost half the 1.2 billion population remain without the formal banking services, has been mixed in the past six years. The money for these financial services has to start somewhere, so the Reserve Bank of India (RBI) chose G2P government disbursements via mandatory No Frills (NFA) savings accounts for low-income beneficiaries in rural areas as one of the initial drivers............
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