"The RBI has been dicussing with market participants how to do this, and in a very short while, we should have the structure in place," governor Raghuram Rajan today said, addressing the annual gathering of apex IT industry body Nasscom.
Rajan said the big businesses squeeze the smaller ones when it comes to payments, creating difficulties for the latter. Therefore, if the small business owner is able to raise money against the receivable, it will be much better for the business, he said, adding an exchange can help bring down the cost of such transactions through automation.
Technology has a big role to play for this to happen by providing the right kind of solutions, the RBI chief said. "Technology can also be used to facilitate credit," he said, adding, such an arrangement will truly bring financial inclusion to the micro and small enterprises.
Meanwhile, on the key agenda of financial inclusion, Rajan said the Reserve Bank has made it possible for a person not having a bank account to receive remittances through the use of ATM and simple mobile phones.
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