Banks and microfinance institutions should team up to improve financial inclusion.
What would be the best approach to financial inclusion in a country like India where the penetration of the banking network is still very low?
India has 10.91 branches and 5.44 ATMs per 0.1 million adults compared with 13.76 branches and 120.62 ATMs in Brazil, 15.22 branches and 47.28 ATMs in Mexico and 35.74 branches and 173.75 ATMs in the US.
India has 10.91 branches and 5.44 ATMs per 0.1 million adults compared with 13.76 branches and 120.62 ATMs in Brazil, 15.22 branches and 47.28 ATMs in Mexico and 35.74 branches and 173.75 ATMs in the US.
In recent times, thanks to the Reserve Bank of India’s initiatives -- including the Banking Correspondent model, opening of branches in sub-Tier 3 centres without the central bank’s permission and White Label ATMs -- there have been dramatic improvements.
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