However, the Greek crisis has led to a breakdown of trust and caused severe damage to the euro area. I would not say that. Fundamentally, trust has been rebuilt, primarily by the Greek government, which today is in talks with the European institutions in an atmosphere of close collaboration.
The equivalent in India would be the “open system prepaid payment instruments”, which is akin to acceptance of demand deposit, and non-banks are not permitted to accept deposits for maturity less than one year. 2. M-PESA in Kenya provides remittance services. The success of the system can be attributed to the absence of competition.