Use of Technology – Recognising that technology has the potential to address the issues of outreach and credit delivery in rural and remote areas, in a viable manner, commercial banks were advised to implement CBS so as to enable them to make effective use of ICT, to provide door step banking services through Business Correspondents Model wherein the accounts can be operated by even illiterate customers by using biometrics, thus, ensuring the security of transactions and enhancing the confidence in the banking system.
Without the independence to pursue their mandates, this work would have been impossible. But following the global financial crisis, we are living in a different world, one in which issues of financial stability have moved out of the shadows and into the center of our concerns.