Disruptive tech will propel India ahead

Financial inclusion aims to provide basic financial services to everyone – regardless of social class, financial status or geography. A prerequisite for the eradication of poverty, financial inclusion fosters economic emancipation and independence. Micro-finance is recognized as a key tool. While several nationalised banks have already implemented measures to take banking to the rural areas, the need of the hour is for disruptive technologies. This subject was recently addressed in a speech by Rama Subramaniam Gandhi, Deputy Governor of the Reserve Bank of India during an address to FIBAC 2015 in Mumbai last year. 

Rama Subramaniam Gandhi said, “A key element of the inclusive growth is financial inclusion. Here is where we have been observing the power of disruptive innovations. This is partly by harnessing new technologies, primarily the information and communication technology, more specifically the mobile technology; and exploiting old technologies and procedures like lending in new ways such as micro-finance. The next element is the use of mobile technology. The great expanse of mobile coverage, the number of people having handsets, mobile banking products and services are at a critical point to usher in financial inclusion and inclusive growth.