A trio of three institutions- Nabard, the Unique Identification Authority of India and the National Payment Corporation of India would soon pool their resources to set up a Center of Excellence for Rural Financial Institutions in Mumbai.
The goal of the center would be to enable rural and cooperative banks and sundry other financial bodies to work more effectively in terms of payment service and financial inclusion.
The center would represent a process of modernization and advancement in direct delivery of financial services as well as act as a conduit for govt. subsidies.
The news that Bombay would be home to the center has triggered a wave of excitement in the financial circles.