RBI panel moots bank accounts for all by 2016

A committee appointed by the Reserve Bank of India (RBI) on Tuesday recommended a Universal Electronic Bank Account (UEBA) for every Indian resident above 18 years of age by January 1, 2016. The account would provide citizens with access to credit and investment options.

“By January 1, 2016 the number and distribution of electronic payment access points would be such that every single resident would be within a fifteen minute walking distance from a point anywhere in the country. Each such point would allow residents to deposit and withdraw cash to and from their bank accounts and transfer balances from one bank account to another, in a secure environment, for both very small and very large amounts, and pay reasonable charges for all of these services,” said the Committee headed by Nachiket Mor, Central Board Member of the RBI.

At least one of the deposit products accessible to every resident through the payment access points would offer a positive real rate of return over the consumer price index (CPI), it added.

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