Bio metric smart cards /mobile technology and use of business correspondents as agents by banks have made “no frills” banking accounts accessible to low income families. A very successful example of using such accounts for old age pension payments can be seen in the State of Andhra Pradesh, where a pilot carried out in the Warangal district is being upscaled to cover all districts.
Nevertheless, it is true that at the same time there continued to be mild deflation. Therefore, the Bank made a strong and clear commitment to ensuring the economy's exit from deflation -- which had lasted for nearly 15 years -- and began large-scale monetary easing to fulfill the commitment. This is Quantitative Qualitative Monetary Easing (QQE), which continues through to the present.