Bank of International Settlements (BIS) chief yesterday (25 April) appreciated NDA government's flagship scheme Jan Dhan Yojana and added that Aadhaar has broken the documentation barrier, thereby enabling greater financial inclusion in the country, reports Times Of India (TOI).
“Substantial progress has been made in expanding financial access. Since 2011, more than 1 billion adults have gained access to basic transaction accounts. Dedicated national strategies have played a big part. The Jan-Dhan Yojana here in India sets an example,” said BIS general manager Agustín Carstens while delivering the 17th C D Deshmukh Memorial Lecture at the Reserve Bank of India (RBI).
BIA is an international financial institution owned by 60 central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks.”
Carstens stated that collaboration between innovators and central banks was vital to achieving financial inclusion. He spoke about how technologies such as biometrics and mobile phones were instrumental in bringing down the barriers of documentation and cost.
In his address, he also warned of the negative fallouts of data hoarding by mammoth fintech companies.
Be Wary Of Fintech Giants
“When big tech firms — such as Ant Financial, Tencent or MercadoLibre — collect detailed information about their customers, they become — at least, to date — the sole owners of that data. Given that such data are free and non-rival — that is, usable by many without loss of content — it would be socially desirable to share it. But big tech firms have no incentive to do so,” he said.