"Access to finance depends on the saving habits of people and a sound credit history can be developed on the back of financial literacy," said Kochhar.
Managing Director of UTI Asset U K Sinha said that the government should play the role of a facilitator rather than a license provider.
"We need to allow local innovation for financial inclusion to succeed and telecom sector"s success in doing so can be the case in point," said Sinha.
Sanjay Kapoor, CEO of Bharti Airtel claimed that financial inclusion can be achieved only if all the parts of the ecosystem come together.
Kapoor also suggested that telecom sector can work at the front end while at back end banks must prevail to create a successful model for financial inclusion.
However, Basix Group Chairman Vijay Mahajan said that India needs revolution for the financial inclusion to be a success.
"We are roughly at the same stage as we were in 1985 when telecom revolution took off. Now India needs revolution," added Mahajan.