ISSN: (Online) 2321 -4155
ISSN: (Print) 2320 -7000

OUTREACHING THE FINANCIALLY EXCLUDED:   AN OVERVIEW OF INDIAN INITIATIVES Chirodip Majumdar

ABSTRACT

Financial inclusion implies access to formal financial services for everyone.  Major steps have been taken by the Reserve Bank of India (RBI) in recent years to achieve the objective. Such steps started with a directive from the RBI in November 2005 allowing bank branches to open No Frills accounts. The present paper is an attempt to examine initiatives taken in India to achieve the goal of 100% financial inclusion. It is observed that, though some progress towards the goal has been made, much remains to be done to achieve the target. The paper concludes that strengthening of the cooperative movement, extension and revamping of the postal system, subsidising the financially excluded, imposition of stricter corporate social responsibility norms could facilitate and accelerate the process. 

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