, place, price, protection, and profit. if we are to draw in the poor, we need products that address their needs ; a safe place to save, a reliable way to send and receive money, a quick way to borrow in times of need or to escape the clutches of the moneylender, easy - to - understand accident, life and health insurance, and an avenue to engage in saving for old age. simplicity and reliability are key – what one thinks one is paying for is what one should get, without hidden clauses or opt - outs to trip one up. the rbi is going to nudge banks to offer a basic suite of products to address financial needs. two other attributes of products are very important. they should be easy to access at low transactions cost. in the past, this meant that the place of delivery, that is the bank branch, had to be close to the customer. so a key element of the inclusion program was to expand eventually, we will have to find a way to wean those who start earning significant amounts from receiving such transfers. how to do this without providing disincentives to working and earning is a future problem born of success which is best left for another day. the united states has dealt with the disincentive effects of getting off welfare with programs like the earned income tax credit. bis central bankers ’ speeches bank branching in unbanked areas. today, with various other means of reaching the customer such as the mobile phone or the business correspondent, we can be more agnostic about the means by which the customer is reached. in other words, “ place ” today need not mean physical proximity, it can mean electronic proximity, or proximity via correspondents. towards this end, we have liberalized the regulations on bank business correspondents, encouraged banks and mobile companies to form alliances, and started the process of licensing payment banks. the transactions costs of obtaining the product, including the price and the intermediary charges, should be low. since every unbanked individual likely consumes low volumes of financial services to begin with, the provider should automate transactions as far as possible to reduce costs, and use employees that are local and are commensurately paid. furthermore, any regulatory burden should be minimal. with these objectives in mind, the rbi has started the process of licensing small local banks, and is re - examining kyc norms with a view to simplifying them. last month, we removed a major hurdle in

improve the functioning of the corporate bond market, a high level expert committee on corporate bonds and securitisation ( chairman : dr. r. h. patil ) has suggested various measures to revitalise the corporate bond market through setting up of trade reporting systems, trading platforms, auction platforms and clearing & settlement systems. the trade reporting systems suggested for corporate bonds is on the lines of trade reporting and compliance engine ( trace ) of national association of security dealers ( nasd ) in the us. such on - line real - time data dissemination will help the participants in making efficient trading decisions and at the same time, enable the regulators to obtain and monitor information on the market trends. these recommendations are under examination by the agencies concerned. concluding remarks the basic objective of deployment of technology in the financial sector should be to progressively move away from paper - based transactions, which include use of currency notes, cheques or challans, and to the extent possible, switch over to electronic means using rtgs or neft or any other electronic mode. it is opportune that we are today recognising the valuable contributions of the path breakers in the field of banking technology. the identification of technology leaders and their recognition in the form of technology awards is a pointer that we are capable of excelling in our respective fields. the awards of today are not a destination but only mark a good beginning - of a more exciting and challenging era ahead of us in our march towards a technologically advanced and efficient, effective, progressive and inclusive financial system. i wish you all success in your future endeavours. thank you.