Microfinance News Synopsis: RBI asks banks to put in place UID-compatible financial plans

Microfinance Focus, June 12, 2010: Microfinance News Synopsis brings a compilation of industry headlines broadcasted by other news media from across the world.

RBI asks banks to put in place UID-compatible financial plans: Reserve Bank of India (RBI) has asked all the domestic commercial banks to draw up a financial inclusion plan, duly approved by the bank’s board for rolling out in the next three years. RBI has specifically mentioned that the technology solutions adopted by the banks should be unique identity project (UID) compatible. “We expect that the UID project, when linked to the banking system, would help facilitate financial inclusion in a big way, said Deepali Pant Joshi, chief general manager (rural planning & credit department) of RBI, while addressing third annual payment systems summit [Financial Express]

Rural dwellers switched on: RESERVE Bank of Fiji Governor Sada Reddy believes rural dwellers are financially literate. Mr. Reddy made the comments when replying to questions posed by this newspaper on what efforts were being done to ensure that the unbanked received some financial literacy training prior to their accessing the latest financial service product e-money. He said the assumption most rural dwellers did not have much financial skills were wrong and in fact some knew more than urban dwellers. Tilman Bruett of the Pacific Financial Inclusion program was also asked the question particularly as the UNDP recently released a report where it was found that there were low levels of financial literacy in rural areas [Fiji Times]

© 2010, Microfinance News. All rights reserved. 2008-09