I am especially happy to share my thoughts on financial inclusion & payment systems in this conference hosted by the Bank of Maharashtra which has been a pioneer in implementing Information Communication and Technology (ICT) based financial inclusion.
I am particularly reminded of a reference made by the bank to the Reserve Bank of India way back in late 60s’ seeking permission to use agents for providing banking services & the opinion given by the Legal Department of the Reserve Bank of India which formed the basis for allowing Business Correspondents to expand banking outreach with ICT support in 2006 as recommended by the Internal Group on Rural Credit & Microfinance set by the Reserve Bank of India in 2006.