When I wrote a piece (http://goo.gl/SiFxI2 ) about the Nachiket Mor committee report recommending the setting up of payments banks in January this year, I honestly did not think that six months later we’d be looking at draft guidelines for such banks. But here we are! On 17 July 2014, the Reserve Bank of India (RBI) released the draft guidelines for payments and small banks (http://goo.gl/4P7FuT ) and will receive feedback on them until 28 August 2014.
Expense Account, Mint
I finally have to beg for food. Straight from the airport to the meeting, the late flight does away with lunch. With a tummy that threatens to growl out of control, I stop Nachiket Mor mid-word—not an easy task, I assure you—to ask if there is some food in the guest house. I’m in Chennai to look at what IFMR Trust—where Mor is chairman of the governing council—is doing that it gets customized financial services to the remotest Indian.
Mor pushes a Nutribar at me and a cup of coffee, and goes right back to his presentation. Soon we are deep into the innards of a software that matches individual profile to a set of financial products. Key in a simple personal accident policy to the financial life cycle of a village daily wager and see the rest of his life’s financial chart move from red to blue, from despair to hope.