Recently there are too many steps taken to initiate the Financial Inclusion in India. Such steps helpful to inculcate every other single person via electronic means.

1. Recent Initiatives of the
Government in Financial
Inclusion

2. Introduction
The pursuit of making financial services accessible at affordable costs to all individuals and business,
irrespective of net worth and size respectively.
FI broadly refers to universal access to a wide range of financial services at reasonable cost.
Delivery of financial services to vast sections of society.
The fundamental objective of all these initiatives is to reach large sections of the hitherto financially
excluded Indian population.
These include not only banking products but also other financial services such as insurance and equity
products.

3. Why Financial Inclusion in India is
important ?
Creating a platform for inculcating the habit to save money .
Providing formal credit avenues.
Plug gaps & leaks in public subsidies and welfare programs.
Remove inefficiency from the system.
Helps to unlock the economic potential of the people.
Bringing low income groups within the perimeter of formal banking sector.

4. Policies of the RBI for Financial Inclusion
Coverage of unbanked villages through branches/ BCs.
Opening of Basic Savings bank deposit accounts (BSBDAs).
Issuance of Kisan Credit Cards (KCC) and General Credit Cards (GCC).
Relaxed know your customer (KYC) requirements.
Revised priority sector lending guidelines.
Streamlining the flow of credit to micro and small enterprises.
Financial literacy initiatives.

5. Initiative By Government
Efforts towards Financial Inclusion started since 2005 in India, as per the Khan Committee
recommendations.
Financial Inclusion further strengthened by the introduction of no-frill accounts.
The relaxation of KYC norms for opening accounts in case of the low-income groups.

6. Recent Initiatives By Government
PMJDY
Digital India
Payments Bank
UPI
BHIM
APBS
AEPS
Bharat QR
BBPS

7. PMJDY –
 In 2014, GOI announced PMJDY, a National FI mission.
 To provide universal access to banking facilities.
 With OD facility of Rs.5000 & Rupay Debit Card.
 With inbuilt insurance cover of INR 1lac.
 Under PMJDY banks have opened 27.84 cr accounts with INR 64288.21 cr balance.
Recent Initiatives By Government

8. Digital India –
 In 2015, GOI had launched Digital India to transform India into digital society.
 Digidhan scheme has been introduced with a theme of “Go Cashless, Go Digital”
Payments Bank -
 RBI has issued licenses to 11 payment banks.
 Such banks enhance the spread of digital payments and FI.
Recent Initiatives By Government

9. UPI –
 The inter-bank transactions using a mobile phone.
 UPI allows collection of money in addition to the fund transfer using virtual ID.
 UPI app is familiar in rural area also because of the easy usage of QR code scan.
BHIM –
 Bharat Interface for Money is the UPI app provided by NPCI.
 Supports linking of account maintained with any one bank only.
 Customer can send or collect money using virtual ID or account number plus IFSC.
Recent Initiatives By Government

10. Aadhaar Payment Bridge System (APBS)
 APBS is the centralized electronic benefit transfer systems.
 This enables the Direct Benefit Transfer (DBT) like various subsidies, wages, old age pensions, scholarships
 Aadhaar seeding into the accounts of beneficiaries makes this system efficient to bring out the less cash in
society.
Aadhaar Enabled Payment System (AEPS) –
 AEPS is a bank-led model which allows online interoperable financial inclusion transaction at PoS through
business correspondent of any bank using the Aadhaar authentication.
Recent Initiatives By Government

11. Aadhaar Pay –
 It is a merchant version of Aadhaar enabled payment system.
 Using this infrastructure, the customer can make payments from his Aadhaar linked account, by
the bank’s name and Aadhaar number.
 The fingerprint password makes the payment a secure one.
 The users also need not remember PIN as the fingerprint is used for biometric authentication of
Recent Initiatives By Government

12. Bharat QR –
 Bharat QR code will make use of QR codes system for payment across merchant outlets.
 Bharat QR code is the world’s first inter-operable payment acceptance solution.
 It is an open system, which can be used for scan and pay option through any bank’s mobile application
the user.
 As the transaction cost is low, it will be useful in the journey towards less cash society.
Recent Initiatives By Government

13. Recent Initiatives By Government
Bharat Bill Payment System (BBPS) –
 BBPS introduced as standards for the payment in the country and enhance consumer confidence and
experience.
 BBPS will meet the needs of the consumers to pay a variety of bills including utility bills, school/university
fees, municipal taxes, etc.
 Its an easy option in rural areas to effect various bill payments.

14. Conclusion
Government Of India brought various plans and programmes like Nationalization of Banks, Directed
lending to priority sector, financial inclusion, financial literacy, skill India, PMJDY, etc.
Behind all these institutions like RBI, NABARD, IDRBT, NPCI, UIDAI, MUDRA, SIDBI, Banks, Small Finance
Banks, Payments Banks, etc.
In last two years the speed of development of digital products have become fast & products like UPI,
BHIM, Bharat QR, Aadhaar Pay, BBPS, etc.

15. & Way Forward
There is need to educate the users at the time of use of the digital products by them, solve the issue,
guides the users against cyber frauds and place the proper system.
It will go long way in the digitalization of Rural areas.
There is a need of awareness about the financial products in general public, as a result which helps in
more inclusion in formal system of investment under specific regulations.

16. THANK YOU