The Nachiket Mor panel on financial services for small businesses and low income households says by January 1, 2016, 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.
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 such a point anywhere in the country.
Besides, 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.
However, the customer has to pay a reasonable charges for these services.
With an intention to protect savings from inflation, the Reserve Bank of India (RBI) had launched a CPI inflation-linked bonds in December called the inflation indexed national saving securities - cumulative (IINSS-C). The CPI inflation had rose to 11.24 per cent in November compared with 10.17 per cent the previous month.
