eOdisha Summit 2014 - Financial Inclusion... - P K Jena, Regional Director, Reserve Bank of India (RBI)...Presentation Transcript
Whether Financial Inclusion is a new
Renewed thrust on Financial Inclusion
The Way forward – ICT driven FI
RBI’s policy initiatives to facilitate FI
Financial Inclusion Initiatives in Odisha
Nationalization of Banks in 1969 and 1980.
Priority Sector Lending Targets
Lead bank Scheme
Establishment of Regional Rural banks
Service area approach
Self Help Groups and bank Linkage.
Financial inclusion initiatives have to be ICT
driven and would ride on new Delivery models .
January 2006- Banks could engage BC/BFs as
BC Model- To provide Door Step delivery of
services , “cash in – cash out” transactions.
The list of eligible entities who can be engaged as
BC is being widened.
Commercial banks and RRBs now on CBS
platform to be able to make effective use of ICT .
• Simplified KYC norms for small accounts .
• Branch Authorisation Policy relaxed.
• Aadhar Card as a proof of identity and address and
MGNREGS Job Card as officially valid document for
e- KYC based on Aadhar.
Share of ICT based accounts increased from 25% in
March 2010 to 45% in March 2013.
Roll out of DBT from January 1, 2013 for direct
credit of benefits in the account of beneficiaries.
NEW BANK LICENSES – expected to bring new
technology innovative models delivery models which
would speed up the roll out of financial services to
Target to provide door step delivery of services to
each of the 48000 villages by March 2016. Approx.
10,000 villages covered by a banking outlets so far.
B&M branch – Target of 2400 branches (5% of
total villages) by 2016 – 200 branches opened in
last nine months (inclusive of RRBs)
BCs are gradually stabilizing and transactions have
Emphasis on banks to ensure financial deepening
by way of Small OD , entrepreneurial credit, micro
EBT for MGNREGS payments and post offices
Attempt to map existing bank branches and ATMs
with help of ORSAC.
Demand Side- Increase levels of Financial Literacy
by spreading awareness.