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- -INDIAN ECONOMY AND TERM 11/26/2015Created by ss - 1 -ss Page 1 11/26/2015
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A COMPLETE HANDBOOK TO EVERY ASPIRANT OF ALL COMPETATIVE
EXAMINATIONS

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- -INDIAN ECONOMY AND TERM 11/26/2015Created by ss - 2 -ss Page 2 11/26/2015
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Financial inclusion
Financial inclusion is the delivery of financial services at affordable costs to sections of
disadvantaged and low income segments of society. Unrestrained access to public goods
and services is the sine qua non of an open and efficient society. It is argued that 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 public policy. The term "financial inclusion" has gained importance since the
early 2000s, and is a result of findings about financial exclusion and its direct correlation
to poverty. Financial inclusion is now a common objective for many central banks among
the developing nations.
The Reserve Bank of India has set up a commission (Khan Commission) in 2004 to look
into financial inclusion and the recommendations of the commission were incorporated
into the mid-term review of the policy (200506). In the report RBI exhorted the banks
with a view of achieving greater financial inclusion to make available a basic "no-frills"
banking account. In India, Financial Inclusion first featured in 2005, when it was
introduced, that, too, from a pilot project in UT of Pondicherry, by K C Chakraborthy, the
chairman of Indian Bank. Mangalam Village became the first village in India where all
households were provided banking facilities. In addition to this KYC (Know your
Customer) norms were relaxed for people intending to open accounts with annual
deposits of less than Rs. 50,000. General Credit Cards (GCC) were issued to the poor and
the disadvantaged with a view to help them access easy credit. In January 2006, the
Reserve Bank permitted commercial banks to make use of the services of non-
governmental organizations (NGOs/SHGs), micro-finance institutions and other civil
society organizations as intermediaries for providing financial and banking services.
These intermediaries could be used as business facilitators (BF) or business
correspondents (BC) by commercial banks. The bank asked the commercial banks in
different regions to start a 100% financial inclusion campaign on a pilot basis. As a result
of the campaign states or U.T.s like Puducherry, Himachal Pradesh and Kerala have
announced 100% financial inclusion in all their districts. Reserve Bank of India’s vision
for 2020 is to open nearly 600 million new customers' accounts and service them through
a variety of channels by leveraging on IT. However, illiteracy and the low income
savings and lack of bank branches in rural areas continue to be a road block to financial
inclusion in many states. Apart from this there are certain in Current model which is
followed. There is inadequate legal and financial structure. India, being a mostly agrarian
economy, hardly has schemes which lend for agriculture. Along with microfinance we
need to focus on Microinsurance too.
In its platinum jubilee year, the Reserve Bank of India (RBI) wants to connect
every Indian to the country s banking system.

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 A COMPLETE HANDBOOK TO EVERY ASPIRANT OF ALL COMPETATIVE EXAMINATIONS Financial inclusion Financial inclusion is the delivery of financial services at affordable costs to sections of disadvantaged and low income segments of society. Unrestrained access to public goods and services is the sine qua non of an open and efficient society. It is argued that 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 public policy. The term "financial inclusion" has gained importance since the early 2000s, and is a result of findings about financial exclusion and its direct correlation to poverty. Financial inclusion is now a common objective for many central banks among the developing nations. The Reserve Bank of India has set up a commission (Khan Commission) in 2004 to look into financial inclusion and the recommendations of the commission were incorporated into the mid-term review of the policy (2005–06). In the report RBI exhorted the banks with a view of achieving greater financial inclusion to make available a basic "no-frills" banking account. In India, Financial Inclusion first featured in 2005, when it was introduced, that, too, from a pilot project in UT of Pondicherry, by K C Chakraborthy, the chairman of Indian Bank. Mangalam Village became the first village in India where all households were provided banking facil ...
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