The Roadmap to Financial Deepening - Dr Deepali Pant Joshi

.......Today financial inclusion is driven in mission mode; it is being implemented through a range of strategies ranging from relaxation of regulatory guidelines, provision of new products and supportive measures. Today we have adopted a bank led model for promoting financial inclusion as we have a strong banking system with wide penetrative outreach. We are often questioned on this. However, I would like to say that RBI, as an organization, is completely model neutral, as far as financial inclusion is concerned. As banks are directly supervised and regulated by the RBI, we are more comfortable with the bank led model. Also, Banks fall under the deposit insurance credit guarantee scheme and hence the interest of the depositors is protected, at least up to an amount of Rupees one lakh. This ensures the protection of the vulnerable section of the society........

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