Tech key to financial inclusion

Abstract

The honorable prime minister has announced a mission mode to financial inclusion (FI) from the ramparts of the Red Fort on August 15. The announcement and its timing reflect the seriousness with which the new government is committed to achieve higher banking penetration, given the historical background. The government of India and the Reserve Bank of India (RBI) have been making concerted efforts for more than six decades to increase banking penetration. A number of initiatives were undertaken like nationalisation of State Bank of India in 1955, commercial banks in 1969 and 1980; setting up of Regional Rural Banks; encouraging urban and rural cooperative banks; and instituting priority-sector lending scheme. Since July 1982, the National Bank for Agriculture and Rural Development has also made significant efforts to increase FI. Read more at: https://www.newindianexpress.com/opinions/2014/aug/28/Tech-Key-to-Financial-Inclusion-653474.html