It will also allow seamless transfers across banks using the new payment products driven by technology. Whenever the issue of technology led financial inclusion is flagged, a debate often ensues as to whether the model for inclusive development should look beyond the formal banking channels insofar as it relates to money transfers/payments. We have studied the experience of Philippines and Kenya in this regard.
2 Properly balancing the goals of simplifying and clarifying the regulations, with the goal of promoting more CRA activity through stronger local community engagement, will require careful consideration.