The innovation has to be what Dr. R. A. Mashelkar calls “inclusive.” Innovations must be aimed at serving the needs of the society. The benefits of innovations must reach the masses in form of cheaper prices and accessibility. Where do we stand on this today? Have there been any efforts to provide suitable banking products to those whose access to finance is restricted?
For example, in Venice in 1494, mathematician Luca Pacioli, a friend of Leonardo da Vinci, published a book which included short yet comprehensive instruction on the principle of double-entry bookkeeping. From Venice, then the world's printing center, Pacioli's instruction, its commentaries, and applied examples disseminated one of the most fundamental principles in finance throughout Europe and the world.