Montek says no to telcos getting into rural banking

India's Planning Commission deputy chairman Montek Singh Ahluwalia said that the commission is not in favour of allowing telecom operators to float banking companies as it could lead to financial problems, reports PTI.

February 04, 2011 / 12:19 IST

India's Planning Commission deputy chairman Montek Singh Ahluwalia said that the commission is not in favour of allowing telecom operators to float banking companies as it could lead to financial problems, reports PTI. An inter-ministerial group has recently submitted a report to Telecom Regulatory Authority of India (TRAI) recommending that people in remote areas be allowed to open accounts linked to their cell-phones and withdraw money up to Rs 5,000 a day, the report said.

first published: Feb 4, 2011 11:04 am

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