Group to ensure complete financial inclusion plan roll-out in two years
SAMIR SACHDEVA | February 19, 2010
An inter-ministerial group (IMG) will be drafting the road-map to complete financial inclusion for India.
“The IMG will be within the department of information technology,” S R Rao, additional secretary of the department said, adding, “The home ministry, banking and financial sector organizations, telecom department, posts, the Reserve Bank of India will work together within the IMG to ensure financial inclusion for all Indians.”
The group will make key suggestions on various aspects of the overall plan for financial inclusion.
“The group's mandate is to plan the course for financial inclusion factoring in everything from type of transactions, to the eligibility od agencies offering financial services, the roles of telecom, regulatory issues to incorporating banking regulations in the overarching plan,” Rao said.
On the issue of harnessing the extensive penetration of mobile phone in rural areas for financial inclusion, he said that providing the entire basket of financial services would not be possible right way. “But the modicum of services it could facilitate are still vital to the plan – cash-in, cash-out or funds transfer.”
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