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Dr. Nachiket talked about the status of financial crucial. The “Payments Highway” and “Information
services and health care financing in India and the Highway” facilitate easy lending. The highways
way ahead to achieve universalisation of financial referred to certain storage systems where certain
services as well as achieving health care objectives. data are stored as indicators, on the basis of which
an individual’s credit worthiness can be decided
He opined that India has the world’s best rather than depending only on CIBIL. In Brazil,
minds along with an updated financial services for example, a company named ‘Signify’ takes
infrastructure including technology, probably the mobile phone records and converts into credit
best in the world. scores. Innovative approaches exist such as the

The idea of Business Correspondents, based US based company ‘Fund Box’ which funds small
on Brazil’s model, is fruitful to achieve financial businesses for cash flow deficit for a specific time
inclusion. Currently the RBI (Reserve Bank of India), period. Assessing the credit worthiness of a person
besides merging large banks, RRBs (Regional Rural through the electronic accounting system, the
Banks) and Cooperative Banks, is pursuing a de- funding company is able to give short term loans
structured financial system, introducing different very quickly.
sets of services to the customers. A person Obviously, all transactions will not or cannot
from the community/grassroots as the Banking be online and so banking systems are required.
Correspondent, besides mobile phone operators Presently many Non-banking Financial
and post offices with banking licenses, increase Corporations (NBFCs) and microfinance institutions
the outreach of the banking services.
have been given licenses to be bankers.
The vision is to take the current coverage to above
1 lakh bank branches and find a way in which 50
lakh mobile recharge points could extend banking
services deep into the heartland of the country.
A low cost approach to banking services is being
tried out so that banking services charges are not
high. Simultaneously, State automation is crucial
for effective low cost banking services.

Dr. Mor discussed that the access to credit at a
reasonable price and in a reasonable way was