It is important to note that the high level Inter-Ministerial Group anchored by the Department of Information Technology, Government of India that went into the issue, after extensive discussions on the various issues involved, has reached more or less the same conclusion i.e. to proceed with a bank led model.
It is, therefore, essential that banks and mobile /card operators work together as partners in achieving the objective of a ubiquitous and efficient payments system. Savings bank interest rate – case for deregulation? 5. Given the level of interest rates on bank deposits, common persons are lured by higher interest provided by alternate channels especially in the informal markets.