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A report of the National Sample Survey Organisation NSSO mentions that 76 per cent of the rural households in the country depend on loans from moneylenders as their source of finance.
Financial inclusion, as far as banks are concerned, seems to be geographically limited to some parts of the country. In order to analyse the spread of banking services, two ratios i. In some states, the credit-deposit ratios are very low, implying inter alia, that their funds are not being used by the state. Perhaps the root cause may be the financial exclusion.
This also indicates that banks are reluctant in giving credit to these states due to variety of reasons. The credit - deposit ratios of some states are Tamil Nadu percent , Maharashtra 81 percent , Utter Pradesh 44 percent and lowest is in Arunachal Pradesh. Thus it is clear that some parts of the country are under-banked especially the north-east.
On the other hand, the southern states are known to have a strong bank branch network and hence their CD ratio is high.
If we take the gross domestic product of the states and compare with the amount of bank credit, the ratio should be more or less the same. That would mean that banks are lending their funds in proportion to the size of the state economy. For Bihar too, this percentage is as low as 16 percent. From the analysis, it is clear that states such as Uttar Pradesh, Bihar, Chhattisgarh and the North-East states are receiving far less bank credit than warranted by the size of the state economy.
Main factors affecting access to financial services: The financial inclusion can be seen to have two categories of barriers, viz. The factors that drive these barriers are listed as under: Demand Side Barriers: The barriers arising out of the demand side factors may be characterized by the following features: Complexity: The excluded sections of the society find financial services complex in nature. They see no reason to go to the banks for conducting small transactions, which in their opinion, are time consuming and perplexing Place of living: Generally commercial banks operate only in commercially profitable areas and it would not be viable for banks to open branches in the remote villages.
People who live in under developed areas find it very difficult to reach the nearest bank due to transportation cost and wages lost in travelling to the bank Limited literacy: Financial illiteracy and lack of basic education are prohibiting factors leading to non-access of financial services. Convenience and affinity towards informal sector: The excluded section of the society finds informal sector such as the money lender or the pawn-broker more user-friendly and accessible and as such, they develop an affinity which always drives them to approach this sector for their credit needs.
Supply Side Barriers: The supply side of barriers though not many, may be characterised by the following features: Legal identity: Inability to provide a legal identity such as voter id, residence proof, birth certificates, etc. Section III Technological Developments in Banks Developments in the field of Information Technology IT strongly support the growth and inclusiveness of the banking sector, thereby facilitating inclusive economic growth.
IT not only enhances the competitive efficiency of the banking sector by strengthening back-end administrative processes, it also improves the front-end operations and helps in bringing down the transaction costs for the customers.
It has the potential of furthering financial inclusion by making small ticket retail transactions cheaper, easier and faster for the banking sector as well as for the small customers.
The Reserve Bank has, thus, been actively involved in harnessing technology for the development of the Indian banking sector over the years. It is important to leverage on to this technological advancement to look at areas beyond CBS that can help in not just delivering quality and efficient services to customers but also generating and managing information effectively. Another major technological development, which has revolutionised the delivery channel in the banking sector, has been the growth of Automated Teller Machines ATMs.
Development of National Payment Systems: The payment system could be broadly divided in two segments: Paper-based Payments: Use of paper-based instruments like cheques, drafts etc.
In value terms, the share is presently around 11 percent. Recent developments in paper-based instruments include launch of Speed Clearing for local clearance of outstation cheques drawn on core-banking enabled branches of banks and introduction of cheque truncation system to restrict physical movement of cheques and enable use of images for payment processing. Electronic Payments: The overall thrust is to reduce the use of paper for transactions and move towards electronic mode. ECS is used by institutions for making bulk payment of amounts towards distribution of dividend, interest, salary, pension, etc.
Essentially, ECS facilitates bulk transfer of monies from one bank account to many bank accounts or vice versa. Under this, individuals, firms and corporate can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme. Thus, this is an interbank fund transfer system. Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.
Pre-paid Payment Systems: Pre-paid instruments are payment instruments that facilitate download of goods and services against the value stored on these instruments. The pre-paid payment instruments can be issued in the form of smart cards, magnetic stripe cards, internet accounts, internet wallets, mobile accounts, mobile wallets, paper vouchers, etc.
To facilitate customer convenience the Bank has also permitted cash withdrawal using debit cards issued by the banks at POS terminals.
This is latest Edition for Inclusive Banking Thro' Business Correspondent By IIBF
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. Domestic scheduled commercial banks other than RRBs are now free to open branches in towns and villages with less than 50, population and are enjoined to ensure that at least one-third of such branch expansion happens in the underbanked areas.
However, banks can restrict the number of such free transactions to a maximum of five per month. 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. No approval of RBI is required for using business facilitators for the services mentioned above. In order to establish itself, the BC Model had to overcome three hurdles that are common to any new payments system which are discussed below. Banks should also provide the environment to BC like his own employee and redress their problems so as to motivate them to work sincerely.
Outreach and education: The value to the customer of a payment system depends on the number of people connected to and actively using it. So the presence of the BC is required in the area so that either he can visit the person or person can approach him in case of any transaction.
In order to retain BC reasonable remuneration and incentive pay is required. RBI may ensure interoperability of BCs so that people may have the choice to choose them for the business transcations.
A majority of no-frill accounts opened by BCs have remained non-operational. As such, opening of the accounts to provide deposit services to begin with and subsequently widen the coverage of activities, with a view to making these accounts profitable, have not made the desired progress.
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Inclusive Banking Thro' Business Correspondent ( Hindi)
Please help improve this section if you can. Venugopal Reddy , the then governor, Reserve Bank of India. While recognizing the concerns in regard to the banking practices that tend to exclude rather than attract vast sections of population, banks were urged to review their existing practices to align them with the objective of financial inclusion.
Venugopal Reddy in the Annual Policy Statement for wherein he had expressed deep concern on the exclusion of vast sections of the population from the formal financial system. Khan Committee recommendations were incorporated into the mid-term review of the policy — Chakraborthy, the chairman of Indian Bank.
Mangalam, Puducherry became the first village in India where all households were provided banking facilities. Norms became less strict for people intending to open accounts with annual deposits of less than Rs. General credit cards GCCs were issued to the poor and the disadvantaged with a view to help them access easy credit.
These intermediaries could be used as business facilitators or business correspondents by commercial banks.
The Indian Reserve Bank vision for is to open nearly million new customers' accounts and service them through a variety of channels by leveraging on IT. However, illiteracy, low income savings and lack of bank branches in rural areas continue to be a roadblock to financial inclusion in many states and there is inadequate legal and financial structure.
To achieve this milestone, it's important for both service providers and policy makers to have readily available information outlining gaps in access and interactive tools that help better understand the context at the district level.
Several Startups are working towards increasing Financial Inclusion in India by organising various large unorganised sectors where payments primarily happen in Cash, instead of a bank transaction. Recently, the government of India came up with a policy under the name "rupee exchange" to exchange higher notes with the intent of: clamping down on tax defaulters, track down corrupt officers by rendering valueless heavy cash stashed away secretly and generally restoring sanity to the economic system.
While income and inequality gaps will widen anyway, it is recommended that India embraces - proposed - as a matter of policy financial inclusion. The Bali Fintech paper offers a high-level framework for countries to consider and to tailor fintech applications to national circumstances, and recognize that their individual approach to fintech may vary depending on the type of financial services.
Some of these steps are: Opening of no-frills accounts: Basic banking no-frills account is with nil or very low minimum balance as well as charges that make such accounts accessible to vast sections of the population. Banks have been advised to provide small overdrafts in such accounts. Relaxation on know-your-customer KYC norms: KYC requirements for opening bank accounts were relaxed for small accounts in August , thereby simplifying procedures by stipulating that introduction by an account holder who has been subjected to the full KYC drill would suffice for opening such accounts.Mangalam, Puducherry became the first village in India where all households were provided banking facilities.
Discussed in this article. The scheme was formally launched on 28 August  with a target to provide 'universal access to banking facilities' starting with Basic Banking Accounts with overdraft facility of Rs.
Such tools may include performance monitoring of public services, social audit and public accountability surveys. Venugopal Reddy , the then governor, Reserve Bank of India. Till now the potential of achieving financial inclusion through mobile banking appears to be missing completely for rural customers.
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