Intermediaries for achieving financial inclusion can be broadly sub divided into two categories:
1. Regulatory approved category of intermediaries
2. Other intermediaries.
Till date, the following have been allowed to act as intermediaries by the regulatory authorities;
Financial Inclusion Intermediaries in India
• Business correspondents
• Section 25 companies registered under companies act,1956
• Non-govenmental organization
• Self –help groups
• Micro finance Institutions
• Civil society organizations
• Retired bank employees
• Retired bank employees
• Individual owners of kirana/ medical/ fair price shops
• Individual PCO owners
• Agents of small savings schemes of goi
• Agents of insurance companies
• Individuals petrol pump owners
• Authorized functionaries of self help groups
• Other individuals including those operating common service centre as Bcs
• ‘for profit ‘ companies
• Microfinance Companies registered as NBFC’s
Other intermediaries include contractual / fixed tenure / trainee staff employed by the banks. It is expected that this list will further expand in near future.
While opening bank account: The people expect that the person at the counter shall:
• Fill their form;
• Provide reply to a number of questions;
• Not ask about there income;
• Accept differently spelled name in a variety of documents;
• Guide them about how to use bank account;
• Give demo about using ATM card.
From bank account: Just by opening a bank account, people expect the following:
• Safety of the deposited money;
• Delivery of money at their home town at regular interval;
• Irregular deposit scheme;
• Low transaction cost (in terms of travelling and timing cost);
• Convenient operating time (other than their working time);
• Minimum paper work;
• Bank statement at will;
• Frequent deposits;
• Suitability to erratic income & social consumption pattern;
• Loan at the time of need, primarily for consumption.
Financial thoughts of the person migrating to urban center:
Any person migrating to urban center for the first time carries altogether different financial thoughts with him. He feels that he is going to attain financial salvation in terms of better income, better saving, better quality of products, better earning opportunities; to bring remaining members of family to urban centers; to enjoy better economic and civic facilities and to live life with economic freedom enjoying all the luxuries of life.
Financial thoughts of the migrated person after initial three months:
The migrant starts missing his financial security system available at his native place; he comes face to face with the tough urban life; realizes that he is an unwelcome addition to the urban center. Formal financing channels look to him with suspicion and do not believe in his income earning abilities; sending money to the native place has very high costs; nothing comes for free and he has to spend money for everything.