The philosophy of financial inclusion and rural credit - DR. N. A. MUJUMDAR

.....It has now been realised that physical reach is only the beginning of the process of financial inclusion, which cannot be reduced to mere tokenism. The focus should now be on multiplying the number and volume of transactions in these accounts. The Reserve Bank of India ( RBI) has now addressed the issue of giving a qualitative content to the concept of financial inclusion. Banks have been advised to offer a minimum of four basic products to these customers: a basic savings bank deposit account with emergency credit facility like overdraft; a remittance product for electronic benefit transfer, a savings product like a recurring deposit and a facility for entrepreneurial credit, like general credit or ' Kisan Card.' We are thus taking the process of financial inclusion a step further......

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