ATMs soon to fork out cash without bank account too

"We need more such innovative products," he added.

The RBI governor said cashing out is important for remittances, because the country has a large recipient population, most of whom do not have access to formal banking services.

"The key to cheap and universal payments and remittances will be if we can find a safe way to allow funds to be freely transferred between bank accounts and mobile wallets, as well as cashed out of mobile wallets, through a much larger and ubiquitous network of business correspondents," he said.

The Nachiket Mor Committee suggests the creation of Payment Banks as a step towards this goal. Other suggestions include interoperable business correspondents who will get the scale economies to serve in remote locations, and the usage of NBFCs as banking correspondents.

"We will examine all this," Rajan said.