April 13, 2016

India Has The Most Sophisticated Payments System In The World

Technology is changing the financial sector of the Indian economy at jet speed, thanks to the ubiquity of Jan Dhan bank accounts (215 million accounts and counting – which means nearly all households covered), the spread of mobile phones (one billion mobile users in a population of 1.25 billion), and the Aadhaar unique ID (again, one billion IDs this month).

This means that with one click, information and money can move to the last mile and the last Indian living in a remote village. India now has the most sophisticated payments system in the world, and six men were responsible for it: Manmohan Singh and Nandan Nilekani (for creating Aadhaar), Arun Shourie and A Raja (for making mobile phones affordable, through policy and crookery respectively), and Narendra Modi and Raghuram Rajan, who tied it all together. Modi deserves extra praise for making Jan Dhan bank accounts universal and making Aadhaar the route to subsidy and payments reform.

Read more at http://swarajyamag.com/economy/india-has-the-most-sophisticated-payments-system-in-the-world-and-six-men-made-it-happen

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