With the technological transformation taking place in associated areas, I see a significant role for the microfinance industry in this process, including in identifying, enabling and handholding a sizeable set of the last mile population to consume financial services rationally, to grow out of poverty and become productive citizens of the country. 3.
•  Banks can also allow operations on an NRO account in terms of such a Power of Attorney, provided such operations are restricted to (i) all local payments in rupees including payments for eligible investments and (ii) remittance outside India of current income in India of the non-resident individual account holder, net of applicable taxes.