Foundation for financial inclusion is in place, says Gates

Microsoft founder and philanthropist Bill Gates on Friday said India has put in place the foundation for a strong financial inclusion programme, which will lower costs and result in widespread innovation Stock Market Trading Tips

Pointing to the experience in Kenya where mobile-based financial transactions add up to nearly half the GDP , Gates said India could reach that level in two to three years. "The pieces have fallen in place to get a huge scale of financial transactions. (It will) drive money transfers and then payments," he said at an event of financial inclusion organised by Nasscom and Bill & Melinda Gates Foundation, which has started focusing on micro-finance for around eight years. While the Centre is currently pushing direct benefit transfer, especially for cooking gas, the plan is to expand the coverage to other areas. Gates said the scale would grow even bigger if states were encouraged to join the platform, which was described as a plug-and-play model by Jayant Sinha, the junior minister for finance. He indicated that the government would expand the coverage to include health and agriculture insurance Indian stock market astrology prediction

Sinha said by encouraging payment banks, including telecom companies to enter the arena, RBI and the government were trying to increase competition, and drew parallels with the telecom revolution, which has resulted in low tariffs. 

Gates said that electronic transactions were best suited for financial inclusion programme as they drove down costs Share Market Astrology