This post is the second in a series on Social Security for the Indian Unorganised Sector.
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This post is the second in a series on Social Security for the Indian Unorganised Sector.
The Committee on Comprehensive Financial Services for Small Businesses and Low Income Households recommended developing a vertically differentiated banking structure, in which banks specialise in one or more of three functions- payments, credit delivery and retail deposit taking.
Removing an earlier restriction that the Reserve Bank had placed on NBFCs, the RBI today has restored the permission for non-deposit taking NBFCs (NBFC-ND) to become Business Correspondents (BCs) to commercial banks, as recommended by the Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households (CCFS).
Customers attempting to open a savings bank account in a scheduled commercial bank will no longer require to furnish proof of current address if the customer is staying at a location that does not correspond with that of his or her permanent address.
This post is the first in a series on Social Security for the Indian Unorganised Sector.
Financial inclusion and financial deepening have an important role to play in promoting economic growth and reducing poverty and inequality, while mitigating systemic risk and maintaining financial stability.
Microfinance has long been seen by many as a panacea for fighting poverty by providing access to financial services to low-income population considered unbankable by the traditional financial system.
Digital currencies have generated substantial curiosity over the last year, particularly post the favourable1 hearing that Bitcoin, a prominent digital currency2, received at the US Capitol hill in November 2013.
The current regulatory approach to customer protection in India can be divided into two complementary ex-ante approaches- mandated information disclosure, and financial literacy and education.
The Committee on Comprehensive Financial Services for Small Businesses and Low Income Households (CCFS) seeks the creation of an ecosystem of different types of institutions, each with their choice of specialisation such that there would be multiple partnerships between these specialists.
In all our research efforts, we strive to maintain an independent voice that speaks for the low-income household and household enterprises. Our ability to perform this function is significantly enhanced by our commitment to disseminate as a pure public good, all the intellectual capital that we create.
