Financial inclusion is the key to a robust Indian economy

.....The pace of growth of financial inclusion is painfully slow. Private sector banks are loath to open branches in rural areas where costs are much higher than profits. Public sector banks move too slowly to make a significant impact. Prominent para-banking institutions, chit-funds, daily collection schemes have tried to bridge the gap but have more often than not duped the depositors. The RBI and finance ministry must place this as their top priority. Bringing millions more into the formal banking sector may not benefit the banks in the short term but will add a big boost to the economy........

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