Technology is both a blessing and a curse, says RBI director

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A Reserve Bank of India executive director, G Padmanabhan, on October 22 highlighted some issues arising from technological advancement in the financial sector, but praised its potential to enable greater financial inclusion.

Speaking to the Bankers' Club in Thrissur, Padmanabhan said technological development has not enhanced the efficiency of the finanical system, noting the cost of financial intermediation in the US has grown during the past 30 years, partly as a result of increased

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