Financial deepening is thus a necessary for economic growth as Dr Manmohan Singh has explained. The goal of the development process is to include every last member of our society especially those at the margins. This not only broadens the support base for development it also strengthens the ability to perform the core developmental goal.
Moreover, cheque clearance should be much faster than is currently the case, meaning that beneficiaries will obtain quick value for cheque payments. People and businesses that make and receive payments will have the advantage of improved cash flows, which may further stimulate trade and the velocity of money in circulation.