The initial policy decisions were taken in March 2020, including at an unscheduled policy meeting on 18 March. Further measures were announced in September and November 2020 and in February 2021.
The growing number of the un-banked population needs a convenient, safe and affordable means in which to access financial services. At the same time, the growth of micro banking, insurance services, and mutual funds require low cost delivery channels to effectively serve their markets. The “mobile phone opportunity” is the answer.