Till a few years ago, there was a dearth of appropriate technology. But, now that technology has arrived, we have taken several initiatives to bring about financial inclusion. What we require is a business model and a delivery model. With this in view, RBI advised banks to formulate a board approved financial inclusion plan for the next three years.
Judging from the fate of earlier attempts during the 1970s to tame inflation in the face of a weakening economy, when short-run considerations appeared to trump policies oriented toward longer horizons, such fears of rising unemployment could have also derailed the reforms of October. In the event, they did not.