...........The concept of financial inclusion is not new in India. Over the years, the government has taken concrete steps towards it. The Reserve Bank of India (RBI) set up Khan Commission in 2004 to look into financial inclusion and its recommendations were incorporated into the mid-term review of the policy (2005–06). It urged banks to review their existing practices to align them with the objective of financial inclusion. The RBI also stressed the need of making available a basic banking ‘no frills’ account either with ‘zero’ or very minimum balance as well as charges that would make such accounts accessible to vast section of the population. However, India has failed to achieve a great success. The statistics on financial exclusion in India provide a very depressing scenario. Out of over 6,00,000 rural habitations in the country, only about 30,000 or just 5% have a commercial bank branch. Just about 40% of the population across the country have bank accounts and this ratio is much lower in the north-eastern states. The number of people.........
The very purpose of VITALINFO is to provide a platform for wider dissemination of updated information related to and happening of events in and around RBI.
No comments:
Post a Comment