India paves way for branchless banking

The initiative aims to cover more than 50% of the population who does not have bank accounts.

Branchless banking when incepted in completeness in India is expected to bring vast changes in the financial sector of India.

According to Central Bank of India Chairman and Managing Director Mr S Sridhar, it would be a major step in a country where more than 50% of the population does not have bank accounts even, according to a report in Rupee Times.

He said during his speech at 25th Convocation address at Thiagarajar School of Management that the bank has set up 48 lakh ($105,890) accounts in the country in the past eight months with an average balance of Rs 150 ($3.30).

"It is essential to have financial inclusion by covering the uncovered sections of the population", he said.