…..Since 2005-06, financial inclusion has been on RBI's agenda. One element of the strategy is through no-frills accounts, diluted know-your-customer (KYC) norms, banking correspondents (BCs) and use of IT. For example, Puducherry, Himachal Pradesh and Kerala have announced 100% financial inclusion in all districts and pan-India, all villages with population of more than 2,000 will be served through bank branches or BCs. But there are several villages with population less than 2,000 and this kind of financial inclusion for 6,00,000 villages isn't going to happen fast. Indeed, there is a patronising angle to microfinance. We don't talk of microfinance when we approach our banks for financial products. But for that, we need to wait for 2020, or later still……..
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