Centre for rural financing institutions to come up in Mumbai

March 21st, 2012 - 8:40 pm ICT by IANS  

Mumbai, March 21 (IANS) A Centre for Excellence for Rural Financial Institutions (CERFI) would come up here to help regional rural banks (RRBs) and cooperative banks and other rural financial institutions to launch the Aadhar-enabled payment service and foster financial inclusion.

The NABARD, the Unique Identification Authority of India and the National Payment Corporation of India will soon sign a memorandum of understanding to set up the centre. It would be based at the NABARD office.

The centre will facilitate doorstep delivery of financial services and products to the unbanked and payment of various subsidies being provided by the central and state governments.

The move follows a high-level meeting last month between UIDAI chairman Nandan Nilekani, NABARD chairman Prakash Bakshi and NPCI managing director A.P. Hota.

The CERFI’s focus area will be technology, business development and skill upgradation of RFIs and provide them with hand-holding services during and after the transition period.

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