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eOdisha Summit 2014 - Financial Inclusion... - P K Jena, Regional Director, Reserve Bank of India (RBI)...


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eOdisha Summit 2014 - Financial Inclusion... - P K Jena, Regional Director, Reserve Bank of India (RBI)...

  1. 1.  Whether Financial Inclusion is a new     phenomenon Renewed thrust on Financial Inclusion The Way forward – ICT driven FI RBI’s policy initiatives to facilitate FI Financial Inclusion Initiatives in Odisha
  2. 2.  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.
  3. 3.  Financial inclusion initiatives have to be ICT     driven and would ride on new Delivery models . January 2006- Banks could engage BC/BFs as intermediaries. 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 .
  4. 4. • 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 bank account. • e- KYC based on Aadhar. • Share of ICT based accounts increased from 25% in March 2010 to 45% in March 2013.
  5. 5. • 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 remote areas.
  6. 6.  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)
  7. 7.  BCs are gradually stabilizing and transactions have slowly started.  Emphasis on banks to ensure financial deepening by way of Small OD , entrepreneurial credit, micro insurance.  EBT for MGNREGS payments and post offices working smoothly.
  8. 8.  Attempt to map existing bank branches and ATMs with help of ORSAC.  Demand Side- Increase levels of Financial Literacy by spreading awareness.