Tuesday, October 16, 2007

Banking services to the unbanked rural population

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One in every nine persons on earth is a rural Indian, nearly 70 per cent of Indian villagers do not have a bank account, and tapping them would require multiple banking channels, says P.P. Manjunath Rao, Country Manager Sales, Financial Solutions Division, NCR Corporation.

“Low-cost ATMs (automated teller machines), smart cards and mobile payments are some of the solutions,” he adds in an e-mail interaction with eWorld. “The recent directive from the Reserve Bank of India (RBI) on financial inclusion (‘banking for the common man’) is a key driver for the growth of such solutions in India.”

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