Читать книгу The Political Economy of the BRICS Countries - Группа авторов - Страница 108

In many countries, innovative institutions have been instituted in order to improve financial access. In the Philippines for example, entry into the banking system for microfinance units was liberalized, permitting the establishment of new banks that are licensed and regulated as regular banks but have to dedicate at least 50% of their loan portfolio to microfinance. In 2009, Mexico permitted the establishment of a new specialized intermediary — a so-called niche bank — that could gather funds from the public, access the payment system, and be subject to the same regulatory standards, but with lower minimum capital requirement. In India, besides new banks in the private sector and other such dedicated institutions, the Micro Units Development and Refinance Agency Bank (MUDRA) has been established in 2015. Beginning with a corpus of INR 200 crore, the entity will focus on lending to micro/small business entities engaged in manufacturing, trading, and service activities.

While all these technological developments can enable to leapfrog and provide financial solutions for the unbanked, it needs no gainsaying that there is always a critical need for a balance between embracing its advantages and maintaining the personal contact that is often vital to gaining customer trust, the exchange of information about unique customer needs, and the absorption of financial capability. A proactive focus on the Business Correspondent Model, addressing its weaknesses while buttressing its benefits, appears to hold considerable promise. The Reserve Bank is examining the modalities to ensure a certification program for BC in order to bring greater discipline in this sector.