BIS central bankers’ speeches  15  The money market fund example is a noteworthy case study in substantial part because of the interesting institutional issues it raises. More generally, though, the capacity of private financial market actors to create what are, at least in normal times, considered cash equivalents raises broader financial stability questions.
The main features of the approach involve “connecting” people with the banking system and not just credit dispensation; and using multiple channels such as civil service organisations, NGOs, post offices, farmers’ clubs, panchayats, MFIs (other than NBFCs), etc. as Business Facilitators / Correspondents to expand the outreach of banks.