Financial inclusion OBC BANK

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FINANCIAL ASPECTS OF BANKING IN INDIA REGARDING NON MONETERY ASPECTS

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Financial inclusion OBC BANK

  1. 1. Financial InclusionTEAM- VI
  2. 2. Financial Inclusion -Definition “The process of ensuring access to financial services andtimely and adequate credit where needed by vulnerablegroups such as weaker sections and low income groups at anaffordable cost”- The Committee on Financial Inclusion(Chairman: Dr. C. Rangarajan, 2008)
  3. 3. Financial Inclusion - Scope Financial Inclusion should include accessto financial products and services like,Bank accounts – check in accountImmediate CreditSavings productsRemittances & Payment servicesInsurance - HealthcareMortgageFinancial advisory servicesEntrepreneurial credit
  4. 4. Financial Inclusion – Who are these People?Underprivileged section in rural andurban areas like, Farmers, small vendors,etc.Agricultural and Industrial LabourersPeople engaged in un-organised sectorsUnemployedWomenChildrenOld peoplePhysically challenged people
  5. 5. Financial Inclusion – Steps Taken Co-operative Movement Setting up of State Bank of India Nationalisation of banks Lead Bank Scheme RRBs Service Area Approach Microfinance Institutions Self Help Groups
  6. 6. Financial Inclusion – Why Have We Failed?Absence of TechnologyHigh incidence of IlliteracyAbsence of reach and coverageDelivery MechanismNot having a Business modelRich have no compassion for poor
  7. 7. Why Are we Talking ofFinancial Inclusion Now?Focus on Inclusive GrowthBanking Technology has arrivedRealisation that Poor is bankableGreater efforts of the Government
  8. 8. What Are RBI ‘s Contribution No-Frill Accounts Overdraft in Saving Bank Accounts BC Model KCC Guidelines Liberalised branch expansion Liberalised policy for ATM Introducing technology products and servicesPre-Paid cards, Mobile Banking etc. Allowing RRBs’ / Co-operative banks to sell Insurance andFinancial Products Financial Literacy Program Creation of Special Funds 431 districts identified by the SLBC for 100 per cent financialinclusion across various States/UTs and the target in 204 districtsof 21 States and 7 UTs has reportedly been achieved
  9. 9. Pre-requisites For TheSuccess of FinancialInclusionAppropriate Technology Appropriate and Efficient Delivery model Mainstream banks’ determination and involvement Strong Collaboration among Banks, Technical ServiceProvider, BC Services Involvement of all Especially the state administration at grass-root level Liberalisation of BC model
  10. 10. Report of the Financial Inclusion in India(Chairman: Dr. C. Rangarajan, 2008) Setting up of a National Rural Financial Inclusion Planwith a target of providing access to financial services to atleast 50 per cent of excluded rural households by 2012and the remaining by 2015 Encouraging SHGs in excluded regions, measures forurban micro-finance and separate category of MFIs RRBs to extend banking services to unbanked areas Use of PACS and other co-operatives as BCs and to adoptgroup approach for financing excluded groups
  11. 11. There is NOIin the Team

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