.......In a recent article, Mr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India, defined financial inclusion as “the process of ensuring access to appropriate financial products and services needed by vulnerable groups such as weaker sections and low-income groups at an affordable cost in a fair and transparent manner by mainstream institutional players.” That is an excellent definition, and one which is capable of transformational change — if implemented in letter and spirit. The trouble is, when it comes to implementation, the process has been largely driven by government fiat and regulator-pushed (even if implicitly so) quota regime............
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