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|The Business Correspondent model - An overview: Policy Brief on Financial Inclusion in India|
|Written by Indicus Analytics|
|Friday, 09 September 2011 12:50|
There are many benefits of using ICT in conjunction with business correspondents in the pursuit of financial inclusion.
The goal of financial inclusion has not just received greater attention of late in policy circles, it is also at a unique stage where achieving it is a concrete possibility thanks to the rise of information and communication technologies. These ICTs include existing concepts such as ATMs, smart cards and mobile phones, which have the potential to cut public costs, boost revenues, prevent money laundering, increase the uptake of public welfare schemes, etc. It is easier today than ever before to leverage on these ICTs and their potential networks thanks to a steady process of deregulation regarding branchless banking, and particularly mobile banking. However, this is a new field and will require greater attention to features such as infrastructure, inter-operability and incentives, particularly as the field expands.