Hence, there is a need to adopt innovative risk management approaches using IT, including a portfolio approach to retail credit risk management. 69. Unique Identification Authority of India (UIDAI), an initiative by the Government of India, is in the process of issuing unique identity (UID) numbers to Indian residents.
Use of UID could go a long way in bringing the financially excluded under the fold of mainstream banking as it would assist KYC, credit information and credit profiling. Concluding observations 70.