............In recent years, the Reserve Bank of India (RBI) adopted a more structured approach directing all state-run and private sector banks to submit a board-approved, three-year financial inclusion plan (FIP). It started in April, 2010, and banks were asked to prepare another three-year FIP for the period 2013-16. Lenders were asked to design self-set targets in respect of opening rural brick-and-mortar branches, hiring business correspondents, covering un-banked villages and offering financial products such as basic savings bank deposit (BSBD) accounts, kisan credit cards and general credit cards. Yet, more than 40 per cent of the country’s 1.2 billion people continue to remain financially excluded......
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