Getting financial inclusion back on track
The agenda of financial inclusion will benefit from a clarion call from Modi, melding banks, non-banks and govts into an integrated vision
Narendra Modi’s campaign pitch on “development" resonated enough for the masses to vote him to power. Given the common sense that “financial inclusion" is key to stimulate growth and rural development, control inflation, and enhance efficiency and transparency in public services, it should be an important item on the government agenda. Regrettably, it has remained stalled due to lack of consensus and clarity on a delivery model that industry, policymakers and regulators can agree upon and consumers can find useful.