..............None of the earlier committees came out with anything of a path-breaking nature. In other words, they did not upset the status quo — they assumed that building on the existing structure of financial intermediaries and exhorting them to work towards financial inclusion would do the trick. It has been a bank-led and dominated approach so far for attaining financial inclusion. While non-bank financial intermediaries have been grudgingly accepted to some extent on the credit creation side, the reliance is almost completely on the banking sector for mobilising the financial savings of the population..........
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