These are indeed deficiencies, and they must be fixed if India is to grow strongly and stably. But the same deficiencies existed when India was growing fast. To understand what needs to be done in the short run, we must understand what dampened the Indian success story.
The National Community Reinvestment Coalition (NCRC) and its member organizations are at the forefront of an important conversation about how to ensure that low- and moderate-income communities are fairly served by the banking industry. The work that you do to promote access to basic banking services, affordable housing, and entrepreneurship opportunities supports the Federal Reserve and other agencies that enforce fair lending laws.