Indonesia’s regulator Bank Indonesia is easing branchless banking services and electronic money regulations in the country. It will allow any lender with a core capital of above Rp 1 trillion ($76 million) to provide branchless banking services, including accepting deposits or payments using individual agents, instead of having to visit local bank branches or ATM machines. Currently only five top banks provide branchless banking services in the country. Under the revised rules, which will come into effect soon, Bank Indonesia would also double its maximum cash amount in electronic money to Rp 10 million. It will also implement a feature to transact with electronic money for public transport and toll road payments. Bank Indonesia deputy governor Ronald Waas said there are areas that are not covered by smaller sized banks like the regional development banks. In order to push for financial inclusion, these banks have to be accommodated, he said.
