The Reserve Bank’s Monetary and Credit Policy for the First Half of 1998–99 observed that financial innovations emerging in the economy provided some evidence that the dominant effect on the demand for money in the near future need not necessarily be real income, as in the past. 16.
This is something that we hope to understand more through discussions with the industry. For thrift banks, this should mean two things. First, shifting to the cloud must be seen as an opportunity, as even rural banks have maximized the benefits of scalability of financial services, from mobile and electronic banking to near field communication (NFC) payments.