In Novermber 2011, M-CRIL released a paper titled “Promoting Financial Inclusion”, which was commissioned by FICCI and UNDP. The paper endeavours to explore the status of recommendations made by ‘Rangarajan Committee on Financial Inclusion’ and ‘Raghuram Rajan Committee on Financial Sector Reforms’.
The findings presented in the paper are based on review of policy announcements by the GoI, RBI; annual reports of RBI, NABARD and IRDA and other institutions; research papers, academic journals; interactions with senior personnel at RBI and NABARD to understand their perspective on financial inclusion and study of implementation of financial inclusion initiatives of some selected institutions.
The Paper has been organized as follows :
Chapter 1 & 2: provide a background to the debate around financial inclusion and captures various perspectives in understanding the concept.
Chapter 3: discusses the extent of financial inclusion by analysing the penetration of banks and other institutions in making available various financial services (including credit, savings and insurance) to the excluded.
Chapter 4: elucidates the policy initiatives of GoI, RBI, IRDA and NABARD towards financial promotion of inclusion initiatives. The chapter also enumerates the limitations and pitfalls of some policies/norms in achievement of financial inclusion targets.
Chapter 5: is divided into two parts, wherein the first part explains the various broad policy level challenges and the second part explicates the product/service specific challenges faced by implementers and endbeneficiaries in mass dissemination and use of financial products/services offered to promote financially inclusive growth.
Chapter 6: provides the broad perspective of the issues related to financial inclusion and analyses the constraints and tradeoff s related to various policy initiatives related to financial inclusion.
A separate section provides in-depth case studies done with 4 stakeholders such as technology service providers, banking training institutes and banking correspondents to highlight the achievement and gaps in the provision of financially inclusive services.
The paper can be downloaded at the link below :
Promoting Financial Inclusion in India
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