Descriptive

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Submitted By SDHIMAN
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Promoting Financial Inclusion

‘LETS CONNECT EVERYONE’

A PRESENTATION BY: RPCD, RBI PATNA
1

Definitions
Financial inclusion means extending basic banking services at affordable prices to the low income and disadvantaged groups. Purpose: to connect the excluded with the formal banking system in order to help them obtain an understanding of the financial services available and equipping them with the confidence to make informed financial decisions. Basic services include deposits / withdrawals, credit, remittance, investment, insurance etc. No frills account: An account with ‘zero’ or minimum balance with maximum balance of Rs 50,000/- at any given point in time and total credit in a year not exceeding Rs 1,00,000/-.
Banks can restrict the nature of services offered, number of transactions permitted etc.

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Some misconceptions
Financial Inclusion (FI) is the latest ‘fad’ . FI is only social service; not a good business proposition. FI simply means opening as many bank accounts as possible. Everyone handles money. Therefore, everyone is financially literate.
3

Benefits of Greater FI
For the common man – escape from the clutches of money lenders; sending / receiving remittances; no need to hold savings in cash etc. For the banks – achieving access to a large untapped pool of customers. For the Govt.- ensuring flow of aid / grants to the targeted beneficiary. For the RBI - spread of banking culture and extension of the reach of formal financial system.

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A few statistics
51.40%: Farmer excluded. households financially

73%: Farmer households having no access to formal sources of credit. 64%: Share of Central, Eastern and North Eastern regions in the total financially excluded farmer households in the country.
Source: NSSO Survey 59th Round
5

TARGET
By 2012: Cover at least 50% (55.77 million) of the excluded. By 2015: ‘Include’ the…...

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