Indian Institute of Banking and Finance 2

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Indian Institute of Banking and FinanceWithin the UIDAI, we are already seeing massive demandfor bank accounts among people enrolling for Aadhaarnumbers – fully 80% of people enrolling for the numberwant bank accounts. If we are able to provide every suchperson with a bank account, financial access will simplyexplode in India. Considering the pace of enrolments forthe Aadhaar number, it is a very real possibility that thenumber of bank accounts we issue in the next four yearswill exceed the number of accounts banks have issued sinceIndia's independence.The great transformationIn the last decade, we have witnessed a decisive breakingaway from what economists used to call the 'culture ofpoverty' in India – the beaten-down, no-way-out circumstancesof India's marginalized and its poor.While we still have hundreds of millions in poverty,their environment and the tools available to them arechanging fast. We are building services and products tocater to the poor – accessible consumer goods, decentralizedgovernance infrastructure, low-cost solutions in lighting,water supply, transportation, and so on. At the same timeexpanded information services as well as telecom andfinancial access are connecting the poor more closely toour markets.They say fortune is all about timing, and India hasbeen incredibly fortunate that our growth is happeningat a time when we have the technological tools totransform service access – in welfare, telecom, and18
The Goal of Financial Inclusion -- Have We Reached The Tipping Point?increasingly, finance. We now have the chance to buildservices that are efficient and truly innovative – 'made inIndia' solutions. Our success in building these solutionswill enable us to not just meet the expectations for India'sgrowth, but substantially surpass them.19
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Indian Institute of Banking and Finance 2

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