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Submitted by Nachiket Mor on
This is an excellent post. I don't know how relevant this is in other countries but in India a similar effort that is underway will ensure that finally every individual will get access to a secure bank account which she / he can operate from anywhere in the country. By ensuring that the each citizen has a unique and verifiable identity and mandating that each such citizen must be given a bank account, at least one of the principal reasons being proffered for not doing this earlier this has been taken away. In the longer run it is my belief that this will end up redefining the role of branches since the principal historical raison d’etre for the existence of these branches was routine transactions which will increasingly shift away from them as identity verification infrastructure becomes lower cost and more ubiquitous.