.......Recently, we met with a team of high level banking officials to discuss the workings of the business correspondent model with regards to their bank. Though they admitted that there was previously a very low presence of formal banking in rural areas, a vast improvement in coverage had been observed in the past 2-3 years, backed by a strong push from the Reserve Bank of India (RBI) At the inception of the BC model in 2006, only 6% or 40,000 of India’s 642,000 villages had access to formal banking services. Due to the RBI’s persistent push to increase coverage, today approximately 37.4% or 240,000 villages now have access to formal banking services. In fact, banks are expected to cover all villages with formal banking services in the state of Andhra Pradesh within the next year ...........
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