FINANCIAL INCLUSION PLAN IN INDIA

                                                      

                                         FINANCIAL   INCLUSION  IN  INDIA

Financial inclusion plan is a concept which can be referred as an activity to provide financial services to whole section of people as much as possible. It is inclusive definition which includes all activities that provide financial services without violating any rules and regulation.   

The Government of India and Reserve Bank of India have making joint effort to promote financial inclusion plan. They have taken some of major efforts made in the last a few years such as nationalization of banks, building up of robust branch network of scheduled commercial banks, co-operative and regional rural banks, introduction of mandated priority sector lending targets, lead bank scheme, formation of self-group, permitting BCs/BFs to be appointed by banks to provide door step delivery of banking services, zero balance BSBD accounts, etc.

 Financial inclusion plan is one of the most important concepts in India because a lot of financial scam has happened in India and all over the world. In most of the cases maximum poor and remote peoples are suffered. Main reasons behind all this failure is banking services are not available to large section of people of the society. Therefore various unorganized sectors are developed with various schemes without any approval from concerned authority. As a result household savings are misutilised. Due to all this reason the concepts of Financial Inclusion plan is an important for growth of economy as well as minimization of financial scam.

RBI INITIATIVES TOWARDS FINANCIAL INCLUSION:

                                                                                                      RBI has adopted a bank-led model for achieving financial inclusion and removed all regulatory bottle neck in achieving greater financial inclusion in the country.

Following are financial inclusion initiatives have been taken by the RBI:

1.       Advised all banks to open Basic Saving Bank Deposit (BSBD) accounts with minimum common facilities.

2.       Relaxed and simplified KYC norms.

3.       Simplified Branch Authorization policy.

4.       Compulsory Requirement of Opening Branches in Un-banked Villages.

5.       Opening of Intermediate brick and mortar structure.

6.       Financial Literacy Centers.

Recent Measres:

1.       Licensing of new banks.

2.       Discussion paper on banking structure in India- The way forward.

3.       Padhan mantri  JON DHON yajana.

This all are recent steps have been taken to expand the concept of financial inclusion plan.