.........Deepak Singhal, Regional Director, Reserve Bank of India upholds that financial inclusion needs to be based on the core principles of affordability, availability, reliability and awareness. “Financial Inclusion is based upon both supply and demand. By opening an account you can create supply but there has to be demand as well and that can only happen by increasing awareness,” he says. Even as a brick and mortar presence is important for banks in rural areas, Singhal is of the opinion that the focus should be on creating demand for banking services in the existing rural bank branches present in 36,000 Indian villages. One of the major guidelines for new (private) players vying for a banking licence is their plan for financial inclusion, Singhal reinforces................
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