A ‘regulatory lab’ for financial inclusion3 min read 11 Oct 2017, 11:35 PM IST
It would allow innovators to test new fintech products and services in a controlled, yet live, environment
In a recent report, the Reserve Bank of India's (RBI) household finance committee found the average Indian household keeps just 5% of its wealth in financial assets. Most is held in real estate and gold. When borrowing, Indian households are nearly as avoidant of formal financial services. In times of emergency, half of households turn to family, friends and moneylenders.
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