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i-PROMOTING FINANCIAL INCLUSION-

"ACESS TO BANKING SERVICES ('NO- FRILLS' ACCOUNT),
AFFORDABLE CREDIT AND FREE FACE-TO-FACE MONEY
ADVICE TO DISADVANTAGE AND LOW INCOME GROUP"

Introduction :

  • 'Financial Inclusion';Unorganised Sector; are the buzz word today.
    • What is 'Financial Inclusion' ?
      "Financial inclusion is delivery of banking services at an affordable cost ('no frills' accounts,) to the vast sections of disadvantaged and low income group. Unrestrained access to public goods and services is the sine qua non of an open and efficient society. As banking services are in the nature of public good, it is essential that availability of banking and payment services to the entire population without discrimination is the prime objective of the public policy."

Areas of concern by banks
  • The banking industry has shown tremendous growth in volume and complexity during the last few decades.

  • Despite making significant improvements in all the areas relating to financial viability, profitability and competitiveness, there are concerns that banks have not been able to reach and bring vast segment of the population, especially the underprivileged sections of the society, into the fold of basic banking services.

  • Internationally also efforts are being made to study the causes of financial exclusion and design strategies to ensure financial inclusion of the poor and disadvantaged.

  • The reasons may vary from country to country and so also the strategy but all out efforts are needed as financial inclusion can truly lift the standard of life of the poor and the disadvantaged.

RBI's Policy on 'Financial Inclusion' :
 
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