| Financial Inclusion has whetted the speed of | | | | - physically challenged |
| development of banking industry in India. In order | | | | Reserve Bank Of India, has taken a lot of |
| to face the bouts of non banking financial | | | | measures to ensure that proper banking facilities |
| institusion, financial inclusion is being treated as an | | | | is provided to all. It has started many such |
| important weapon.The Committee On Financial | | | | programmes like |
| Inclusion,2008,chairman,Dr. C. RANGARAJAN | | | | 1. Opening of RRB's (regional rural banks) |
| defined it as | | | | 2. Self help Groups |
| "the process of ensuing access to financial | | | | 3. Cooperative movement |
| services and timely and adequate credit where | | | | 4. liberalised branch expansion |
| needed by vulnerable groups such as weaker | | | | 5. overdraft facilities even in savings account |
| section and low income groups at an affordable | | | | But it lacks in proving to be a huge success |
| cost." | | | | because of lack of any proper business |
| Basically, it means that even lower strata of | | | | model,technology and poor delivery modes.In |
| society with less disposable income should also | | | | 2007, total accounts per 100 person stood at a |
| have bank accounts, can get immediate credit as | | | | meagre of 54 accounts! |
| well as avail the benefits of financial advisory | | | | If given due importance this will help in reducing |
| services.The people who have been covered for | | | | the dependence of people on non-banking financial |
| this are | | | | institutions and indigenous bankers. |
| - underprivileged people in rural areas like farmers | | | | Cynosure of all eyes it has a long way to go |
| - underprivilaged people in urban areas like | | | | ahead in proving its mettle and bridging the gap |
| labourers,domestic help | | | | between the account holdels. Way to go !!! |
| - unemployed | | | | |