02234cas a2200265 a 4500 AALejournalIMF021489 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513570686 1018-5941 BD-DhAAL BD-DhAAL Carriere-Swallow, Yan. India's Approach to Open Banking : Some Implications for Financial Inclusion / Yan Carriere-Swallow, Vikram Haksar, Manasa Patnam. Washington, D.C. : International Monetary Fund, 2021. 1 online resource (27 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We examine how the development of the digital infrastructure known as the 'India Stack'-including an interoperable payments system, a universal digital ID, and other features-is delivering on the government's objective to expand the provision of financial services. While each individual component of the India Stack is important, we argue that its key overarching feature is a foundational approach of providing extensive public infrastructures and standards that generates important synergies across the layers of the Stack. Until recently, a large share of India's population lacked access to formal banking services and was largely reliant on cash for financial transactions. The expansion of mobile-based financial services that enable simple and convenient ways to save and conduct financial transactions has provided a novel alternative for expanding the financial net. The Stack's improved digital infrastructures have already allowed for a rapid increase in the use of digital payments and the entry of a range of competitors including fintech and bigtech firms. Mode of access: Internet Haksar, Vikram. Patnam, Manasa. IMF Working Papers; Working Paper ; No. 2021/052 Full text available on IMF http://elibrary.imf.org/view/journals/001/2021/052/001.2021.issue-052-en.xml IMF e-Library