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Efforts pursued by the RBI for financial inclusion are:
No frills accounts
In many banks, the requirement of minimum balance and charges levied, although accompanied by a number of free facilities, deter a sizeable section of population from opening / maintaining bank accounts. In this context, with a view to achieving the objective of greater financial inclusion, all banks were advised to make available a basic banking ‘no-frills’ account either with ‘nil’ or very low minimum balances as well as charges that would make such accounts accessible to vast sections of population.
Easier credit facility
RBI asked banks to introduce a General Credit Card (GCC) facility up to ` 25,000, for their constituents in rural and semi-urban areas, with a view to providing credit card like facilities in rural areas with limited point-of-sale (POS) and limited automated teller machine (ATM) facilities, based on the assessment of income and cash.
Simpler Know Your Customer (KYC) norms
In a country, where most of the low income and poor people do not have any identity proof or proof of address, it is very difficult to have KYC norms that insist on production of such documents. In order to ensure that people belonging to low income group in urban and rural areas do not encounter difficulties in opening bank account, the KYC procedure for opening accounts was simplified for those accounts with balances not exceeding ` 50,000 and credit thereto not exceeding ` 100,000 in a year.
Bank branch and Automated Teller Machines (ATM) expansion liberalization
Domestic scheduled commercial banks (other than RRBs) are now free to open branches in towns and villages with less than 50,000 population and are enjoined to ensure that at least one-third of such branch expansion happens in the underbanked areas.
Business correspondent (BC)/ Business Facilitators (BF) model - Branchless banking
With the objective of ensuring greater financial inclusion and increasing outreach of the banking sector, the Reserve Bank, in January 2006 permitted banks to use intermediaries as Business Facilitators (BF) / Business Correspondents (BC) for providing financial and banking services leveraging upon the Information and Communication Technology (ICT). The BCs were allowed to conduct banking business as agents of the banks at places other than the bank premises. The categories of entities that could act as BCs were also specified.
By: Deepak Garg ProfileResourcesReport error
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