These initiatives have paid off in terms of a network of branches across the country. Yet, the extent of financial exclusion has been staggering. Out of the 600,000 habitations in the country, only about 30,000 had a commercial bank branch. Just about 40 per cent of the population across the country had bank accounts.
During our discussions back then, we drew boundaries in the purchase programme to mitigate the risk of monetary policy being harnessed to fiscal policy.