M-commerce an excellent micro banking solution to accelerate Financial Inclusion in India Mumbai, February 18, 2010: The use of technology in extending banking outreach has been an area of focus for the Reserve Bank. Technological innovation has not only enabled a broader reach for various products and services in real sector and financial sector, but also has played an important role in improving the quality and reducing the cost. The mobile money transfer business in the country is estimated to be $12 billion and is growing at a very fast rate. The need of the hour is leveraging technology in Indian banking for providing affordable and cost-effective banking services to the masses through multi-delivery channels. From the forthcoming budget 2010-2011, Mr. Ajay Adiseshann (Founder and Managing Director) expects that, “Banks should be provided financial support for their Financial Inclusion activities and also lending done by banks for such financial inclusion activities to be considered as priority sector lending. It is also recommended that NREGA credit to be routed through such financial inclusion based accounts of nationalized banks”.
Mr. Ajay Adiseshann (Founder and Managing Director) of PayMate
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