.........According to the Committee on Financial Inclusion chaired by Dr C Rangarajan, it “may be defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost.” It’s clear - the term means access to services and credit. Going by a detailed speech by P Vijaya Bhaskar, Executive Director, Reserve Bank of India, at the MFIN and Access-Assist Summit in New Delhi in December 2013, it “broadens the resource base of the financial system by developing a culture of savings among large segment of rural population and plays its own role in the process of economic development. Further, by bringing low income groups within the........
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