Financial Literacy &

Inclusion - The Indian

Way
BIPIN NAIR
ASSISTANT GENERAL MANAGER
RURAL PLANNING & CREDIT DEPARTMENT

AFI GPF Mexico 2011

India- Some facts

AFI GPF Mexico 2011

Policy Initiatives
Bank led model adopted to achieve planned, sustained and
structured financial inclusion
Banks mandated to provide access to financial services in nearly
74000 villages with population over 2000 by March 2012.
Three year Board Approved Financial Inclusion Plan by
banks to be rolled out by March 2013 for extending financial
unbanked villages.
Business Correspondent/ Business Facilitator Model Availability of Door-Step banking services to all 600 thousand
villages in the country- Next 3-5 years
Regulatory norms on KYC relaxed.
Simplified branch authorisation. Mandatory opening of 25 %
of new branches by banks in unbanked rural centers.
Include criteria regarding Financial Literacy and Inclusion in
performance evaluation of the staff.
Availability of minimum four banking products under Financial
Inclusion is being ensured .

AFI GPF Mexico 2011

Policy Initiatives
Nearly 250 Outreach Programs involving
participation of senior executives from RBI
conducted across the country.
Nearly 200 remote unbanked villages adopted
by RBI for transformation into model villages
characterized by 100% financial inclusion.
State Governments to include Financial Literacy
as part of the school curriculum.
Issuance of unique identification numbers
(AADHAR) to beneficiaries for rolling out social
security payments through the banking channel.

AFI GPF Mexico 2011

Project Financial Literacy

AFI GPF Mexico 2011

ACHIEVEMENTS under FINANCIAL INCLUSION

Total Number of villages covered

99840

Villages covered through branches

22684

Villages covered through BCs

76801

Villages covered through other modes

355

Number of No Frill Accounts

74.39 mio

Number of Agricultural Credit Cards

22.49 mio

Number of General Credit Cards

AFI GPF Mexico 2011

0.95 mio

Way Forward Coordinated National Strategy

The key is establishing an appropriate

Business Delivery Model through the
involvement of all stakeholders to
make Financial Inclusion a reality.
A National Level Strategy for Financial
Literacy is the need of the hour.
Coordination with Central and State
Governments as well as with Global
Organisations.
AFI GPF Mexico 2011

Thank you.
bipinnair@rbi.org.in

AFI GPF Mexico 2011