Still, the CRA is one of the important policy levers that can make a difference by encouraging solutions that are tailored to local needs and circumstances. It does this by encouraging banks to provide affordable and sustainable mortgage products to qualified low- and moderate-income families. This helps those families have a chance to purchase homes sustainably and build equity.
For example, handheld devices, used by bank agents to draw people living in remote areas into the banking fold. Mobile technologies are trying to reach out to the populace starved of banking services as well. Financial institutions are also joining forces with network operators in providing access to mobile based payment services even to those who do not have bank accounts. 10.