Financial services to unbanked should be priority: CII
Financial services to unbanked should be priority: CII
Updated on Thursday, November 3, 2011, 18:34

Cannes: Industry body CII on Thursday said providing financial services to the unbanked should be the priority for nations lagging in financial inclusion.

"Financial innovation must address the needs of the unbanked," the Confederating of Indian Industry (CII) said in a statement here, adding that more than two billion people have no access to financial institutions.

Indian business leaders have gathered here as part of the B-20 that has been tasked with helping government officials to navigate through the global economic challenges in the G-20 meeting.

Prime Minister Manmohan Singh is here to participate in the two-day G20 Summit.

Providing financial services to the world`s unbanked is important to India and many other nations, the CII statement said.

From the India perspective, CII has recommended that the financial innovation should not be curtailed, but be allowed to continue, especially in areas, like infrastructure finance and expanding banking services.

"The governments and financial institutions should create the right environment to allow financial services firms within a proper risk framework to innovate to meet the biggest social and economic challenges," the chamber said. The challenges include a USD 600 billion a year infrastructure investment gap, demographics and retirement needs, it added.

CII said Japanese Prime Minister Yoshihiko Nado while interacting with members of the Financial Regulation working group has accepted the recommendations of the group.

CII President B Muthuraman is the co-convener of the working group. The panel has emphasised that before any new changes are made, it is important to take stock of the current regulatory agenda and set up a structured roadmap for reform.

PTI

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