This is very much uncharted waters to many central banks. The numbers are mind boggling. The US is now talking of a rescue package of 700 billion dollars – the largest in history! We central bankers now have to think and operate well outside the box. The US Federal Reserve is now supporting institutions that it does not regulate!
Additionally, there are close to 32 lakh Banking Correspondents (BCs) engaged by banks 15 providing last mile access. As of 2021, 78 per cent of Indian adults (population with 15 years or more of age) had a bank account as compared to 53 per cent in 2014 16.