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BUSINESS MODEL
AND STRATEGIC
OBJECTIVES
LEADERSHIP
GOVERNANCE
SHAREHOLDERS’
INFORMATION AND
ADMINISTRATION
OPERATING
PERFORMANCE
FINANCIAL
PERFORMANCE
BLUE LABEL INTEGRATED ANNUAL REPORT 2014
79
Snapshot April 2014
Financial inclusion by the Reserve Bank of India
One of the challenges of the banking community is that it supports a small banking system, yet needs to
service a large population of approximately 1.3 billion people. In addition, only some 250 000 villages out of
650 000 can boast a banking service. The obvious outcome would be to open new banks, with associated risks
and time required to grant new licences or, preferably, grow the existing banking system.
The Committee on Comprehensive Financial Services of the Reserve Bank of India has made the following
recommendations for India to strengthen its existing structures:
➔
Use Biometric-based ID (Aadhaar) as a means to set up a Universal Electronic Bank Account, so that each
person who has an ID will have a bank account by 2015.
➔
Elevate prepaid providers to ‘Payment Bank’ status, where all banking services, except lending, can be
provided.
➔
Make business correspondent’s kiosk banking independent of banks, and serving all banks with settlement
through one bank.
➔
Set up 3 million ‘payment points’ by 2015 through agent networks, which will be more viable due to
interoperability among all banks for cash-in/cash-out services.
➔
Encourage branchless banking through selected agent points.