Indian authorities have initiated several financial inclusion measures over the past years to provide access of banking services to the country’s vast unbanked population. The central bank has allowed several new lenders to start operations while the Pradhan Mantri Jan Dhan Yojna has opened millions of bank accounts. Still, large gaps remain.
A panel of top financial industry executives at the recent News Corp VCCircle India FinServ 2016 event identified the gaps in the existing financial infrastructure that is hindering financial inclusion and discussed how the government, regulators and private companies can create this infrastructure.
IFMR Capital CEO Kshama Fernandes stressed on creating a strong customer acquisition system to bring on board people excluded from the financial ecosystem. IFC’s South Asia head for financial institutions Nilesh Shrivastava talked about creating a robust credit bureau and a corporate registry. All panellists agreed that both regulators and the companies should take joint responsibility in putting in place the requisite systems to enhance financial inclusion.
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