WSJ has an interesting article on online banks. In India, there has been rightful emphasis on financial inclusion as a key direction for banking sector. However, there is a segment of current users who could enjoy the efficiency of an online-only bank. Are Indian banks ready to make that transition? Is the regulator ready to make that transition, or will this be a blind-spot forever at the alter of financial inclusion?
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The spate of online frauds and the relative ease with which the hackers empty accounts tempts one to vote for the old fashioned, touchy feely, neighborhood branch…Financial inclusion of the marginalized should not come at the cost of excluding the mainstream customer… 🙁
Already ICICI Bank is providing this functionality as B2 banking. Its online only account and money can be transferred both ways into this account. Also, if one has to purchase anything then they have provided, one Visa card which can be used on Virtual Wallet where we can transfer some amount and then do purchase.