Reserve Bank of India

Reserve Bank of India – IT players indifferent to financial inclusion

MUMBAI: The Reserve Bank of India (RBI) has accused IT giants of being indifferent towards the cause of financial inclusion in India. “The scale of business in financial inclusion is so big that we need participation from big IT companies,” said KC Chakrabarty, deputy governor, RBI, speaking on the sidelines of a financial inclusion seminar organised by Skoch, a consultancy firm. He added lack of interest and involvement by big IT companies was making banks’ endeavour of financial inclusion unsuccessful.

According to Mr Chakrabarty, involvement of big IT companies was important to bring down the transaction cost. Currently, Fino, Integra, Little World and Eko are the most-active players in the financial inclusion space.

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RBI financial inclusion

Abhay N

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Abhay is the founder and managing editor of India Microfinance. He is passionate about microfinance, financial inclusion and social entrepreneurship in India.

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