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August 20, 2014

Financial Inclusion in India

2 comments

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The Financial Inclusion is delivery of banking services at an affordable cost to vast section 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 entire population without discrimination is the prime objective of the public policy. 

In India the focus of the financial inclusion at present is confined to ensuring a bare minimum access to a savings bank account without frills, to all. Internationally, the financial exclusion has been viewed in a much wider prospective. Having a current account / savings on its own, is not regarded as an accurate indicator of financial inclusion. There could be multiple levels of financial inclusion and exclusion. The key focus of financial Inclusion includes four products. Those are,
  1. A pure savings product with inbuilt overdraft facility
  2. A Recurring Deposit Product
  3. A Remittance product and
  4. Entrepreneurship credit in the form of KCC / GCC

Objectives of Financial Inclusion

  • Extending formal banking system among less privileged in urban & rural India.
  • Weaning them away from unorganized money markets and moneylenders.
  • Equipping them with the confidence to make informed financial decisions. 

Banking Industry Initiatives towards Financial Inclusion

  • Relaxation of Know Your Customer (KYC) guideline for No-Frill accounts.
  • Introduction of Business Correspondent (BC) Model for Service delivery in remote areas.
  • Adoption of Information & Communication Technology (ICT) based model for enhancing outreach.
  • Integration of Electronic Benefit Transfer (EBT) for disbursement of Govt. Grants.
  • Reorganization of Aadhar Number under KYC norms.

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2 comments:

  1. RESULT DECLARED!!!
    CORPORATION BANK HAS SENT THE MAIL FOR THE SPECIALIST OFFICER EXAMS HELD IN FEB FOR 192 POST.
    I DON'T KNOW WHATS HAPPENING IN THE BANK THEY ARE SENDING MAILS TO NON SELECTED CANDIDATE. I TALKED TO 12 CANDIDATES WHO APPEARED IN THE INTERVIEW IN DELHI AND MANGLORE. THEY ALL GOT THE SAME MAIL INCLUDING ME. SOME OF THEM'S INTERVIEW WAS GREAT THEY HAVE GIVEN ANS OF ALL THE QUESTION ASKED.

    I THINK SOMETHING WRONG GOING ON IN THE BANK MAY BE THEY HAVE REJECTED ALL 288 CANDIDATES.
    THERE IS NOTHING IN THE BANKS WEBSITE CAREERS PAGE TOO.
    PLZ FRIENDS IF ANYONE GET ANY NEWS OR KNOW ANY CANDIDATES WHO APPEARED IN THE INTERVIEW KINDLY CONTACT ME..
    aman.lucky555@gmail.com

    ReplyDelete

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