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EVALUATION OF FINANCIAL INCLUSION STRATEGY COMPONENTS:

REFLECTIONS FROM INDIA

Article · March 2013

DOI: 10.18374/JIMS-13-1.10

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EVALUATION OF FINANCIAL INCLUSION STRATEGY COMPONENTS: REFLECTIONS FROM INDIA

Sanjay Sakariya, Pandit Deendayal Petroleum University, Gandhinagar, Gujarat, India

ABSTRACT

Recent-past financial inclusion has been emerging as priority for policymakers and regulators worldwide
with increasing number of nations introducing comprehensive measures to improve access and usage of
tailored made financial services, informed by a fast-growing body of experience and knowledge. Financial
inclusion strategies are the road maps of actions, agreed and well-defined planning at the national or sub-
national level, which followed by the concerned stakeholders to achieve financial inclusion objectives of
the specific country. A strategy can promote a more effective and efficient process to achieve a significant
improvements in financial inclusion, and is ideally prepared with the private sector in order to establish
and achieve shared, achievable goals for financial inclusion. The research paper tried to evaluate the
financial inclusion strategy components carried out by The World Bank during June 2012 in its ‘Financial
Inclusion Strategies – Reference Framework’ document. The paper gives insights about how India has
adopted numerous financial inclusion strategies based on this reference framework. It further highlights
the reflections from Indian experiences.

Keywords: Financial Inclusion; Financial Inclusion Strategy; Financial Inclusion Strategy Components;
Indian Banking Industry; Economic Development; Inclusive Growth.

1. INTRODUCTION

Financial inclusion (FI) refers to access and usage of a broad range of affordable, quality financial
services and products, in a manner convenient to the financially excluded, unbanked and under-banked,
in an appropriate but simple and dignified manner with the requisite consideration to client protection (The
Banking Associate South Africa, 2012). However, C. Rangarajan Committee (2008), ‘A Committee on
Financial Inclusion’, has defined Financial Inclusion as "the process of ensuring access to financial
services and timely and adequate credit where needed by vulnerable groups such as weaker sections
and low income groups at an affordable cost”. Financial inclusion means to provide financial services to
vast section of disadvantaged and low incomes groups at an affordable cost.

It is argued that banking services are in the nature of public good and its availability for every citizen
without any discrimination is the prime objective of the public policy (Leeladhar, 2006). The quality and
extent of financial inclusion mainly depends on ensuring delivery of affordable financial services, viz.,
simple savings, loans, access of payment and remittance facilities and insurance products by the formal
financial system to those who tend to be excluded. The accessibility of the financial products should be
accompanied by the usage and supported by the financial education. The fundamental principles of
financial inclusion include access, affordability, appropriateness, usage, quality, consumer financial
education, innovation, diversification and simplicity (Kuhlase, 2012).

Financial inclusion promotes thrift and develops culture of individual saving and also creates efficient
payment mechanism strengthening the base resources of financial institutions which benefits the
economy for efficient payment and allocation of financial resources (Chakrabarty, 2011). Therefore,
financial inclusion is now become a prime objective for many central banks of developing countries.
Today, financial inclusion is a term comes easily to all politicians, policymakers, bureaucrats, the civil
society, and other development organisation. Joshi (2011) examined that excluding the people at bottom
of the pyramid has economic consequences. Access to the finance by the poor and vulnerable groups is

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a prerequisite for poverty reduction, social cohesion to ensure overall economic growth. Thorat (2008), in
his study given the empirical evidence which shows that countries with large proportion of population
excluded from the formal financial system also show higher poverty ratios and higher inequality.

Though, recently it has been observed that, there is extensive recognition that greater financial inclusion
is essential for accelerating and sustaining economic growth, employment, and financial stability (AFI,
2012). More critically, the recent developments have created the condition to scale up financial inclusion
rapidly. Therefore, the increasing numbers of countries are serious towards financial inclusion through
improving access and usage of financial services. This is based on evidence that access and use of
financial services contribute towards the economic development and growth of specific nations.
Worldwide, more than 60 countries have introduced reforms in recent years to stimulate an expansion of
financial inclusion which are beneficial for new customers (Word Bank, 2012).

2. LITERATURE REVIEW

The comprehensive approach to financial inclusion addresses mainly three aspects – access, usage and
quality – of financial services and products, defined by consumer ability to benefit from new financial
products and services (IFC, 2011). To expand the financial ‘access’, it is necessary to first identify the
potential barriers faced by institutions to reach low-income and underprivileged consumers and then
takes strategic measure to address these barriers. The second aspects, financial ‘usage’ could be
enhanced through comprehensive strategy to promote the adoption of financial products and services by
the consumers as well as to take full benefit of them. The third aspect, financial ‘quality’ relates to the
degree to which consumer can benefit from financial services. That can be improved through better
consumer protection framework and efforts to promote financial literacy among consumers.

The national financial inclusion strategy mainly focuses on catalyze substantial improvements in terms of
financial inclusion for adult citizens through coordinated, prioritized and comprehensive framework for
actions that ensures maximum impact within institutional and resource constraints (World Bank, 2012).
The main aim of financial inclusion strategy is to improve financial inclusion through brining various
initiatives from public sector, financial and non-financial institutions.

Financial inclusion strategies can be broad in scope and covers both, public and private sector actions.
The strategies; either standalone or part of broader financial sector development, it provide a framework
for prioritizing reforms and actions at country level. Financial Inclusion strategies provide an inter-linkage
with financial stability, integrity, market conduct and the financial capabilities of the consumers of the
respective country. The financial inclusion strategies are varies from country to country and based on
different factors like availability of the data and diagnostics, institutional capacity for reforms, financial
market structure, level of financial infrastructure and political environment.

The growing priority placed on financial inclusion has been illustrated by the commitment made by the
financial regulators from more than 20 developing nations to financial inclusion and financial education
1
under the Maya Declaration . Under this Declaration, each country makes the measurable commitment in
four broad areas that have been proven to increase the financial inclusion (Table I).

1
The Maya Declaration is the first global and measurable set of commitments by developing and emerging country governments to
unlock the economic and social potential of the 2.5 billion ‘unbanked’ people through greater financial inclusion. More than 80 such
countries – representing over 75% of the world’s unbanked population – have supported the Declaration. Each country makes
measurable commitments in four broad areas that have been proven to increase financial inclusion.

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 TABLE I. MAYA DECLARATION: THE AFI MEMBER COMMITMENT TO FINANCIAL INCLUSION
1. Create an enabling environment to harness new technology that increases access to and
lowers the costs of financial services;
2. Implement a proportional framework that advances synergies in financial inclusion, integrity,
and stability;
3. Integrate consumer protection and empowerment as a key pillar of financial inclusion;
4. Utilize data for informed policymaking and tracking results.
Source: AFI (2012). A Quick Guide to the Maya Declaration on Financial Inclusion, Alliance for Financial
Inclusion, 2012

During November 2009, G20 leaders had committed to improve access to financial services to the poor at
the Pittsburgh Summit and through creation of Financial Inclusion Expert-Group (FIEG) (G20 FIEG,
2010). FIEG has developed nine principles for innovative financial inclusion and endorsed during Toronto
Summit in June 2010. The nine principles includes: leadership, diversity, innovation, protection,
empowerment, cooperation, knowledge, proportionality and framework. The experience and lesson
learned from the nine principles reinforce the ‘Financial inclusion Action Plan’ endorsed at the Korea
Summit in November 2010, and became an instrument for creation of Global Partnership for Financial
Inclusion (GPFI) as the mechanism to execute G20 commitment. In 2011, GPFI has documented the
experience of 11 countries that have already implemented the principles and suggested
recommendations for further development. During 2012, in its ‘International Financial Inclusion Agenda’
G20 Mexico Presidency has prioritized the commitment of G20 and non-G20 countries to create national
level platform mandate with achieving financial inclusion, and to develop national strategic action plans to
meet financial inclusion targets, alongside financial education and consumer protection measures. On
request of Mexico G20 Presidency, World Bank (2012) has prepared ‘Financial Inclusion Strategy –
Reference Framework’2 based on country models and examples, the work of GPFI, Alliance for Financial
Inclusion (AFI), The International Finance Corporation (IFC), CGAP, The World Bank, United Nations
Capital Development Fund (UNCDF), Asia-Pacific Economic Cooperation (APEC), and others.

The World Bank, in its reference framework has carried out six key components, essential for the
development of financial inclusion strategies. It has been developed, based on the compilation of various
financial inclusion strategies adopted by the G20 and non-G20 countries as they innovate and experiment
to increase access to financial services and create enabling policy frameworks. The following six key
components mainly deal with the process of elaborating, implementing, and monitoring a financial
inclusion strategy.

2.1 Components
1) Stocktaking: data and diagnostics
2) Targets and objectives
3) Strategy-building or revision
4) Public sector actions: policies, regulation, and financial infrastructure
5) Private sector actions and
6) Progress-monitoring.

The above components mainly included for the development of country level financial inclusion strategy,
although this is a stylized typology and countries will be at different stages for each.

2
The World Bank has prepared the ‘Financial Inclusion Strategies – Reference Framework’ at the request of the Mexico G20
Presidency. This Reference Framework was prepared as a resource for policymakers, regulators, and partner development
agencies, as an accessible reference point for existing financial inclusion approaches, or for preparing new financial inclusion
strategies.

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3. RESEARCH OBJECTIVES AND METHODOLOGY

3.1 Research Objectives

a) To evaluate and understand the financial inclusion strategy components.
b) To examine the financial inclusion strategy components adopted in India.

3.2 Research Methodology

Both the research approach – descriptive and analytical research – used to evaluate various financial
inclusion strategy components and its adoption in India. The descriptive approach has been used to
evaluate various financial inclusion strategy components, whereas, analytical research approach used to
find the fact about Indian experiences. The qualitative discussion and personal observations [during
working with State Bank of India, as Officer-Marketing & Recovery (Rural)] has been used to examine the
adoption of various financial inclusion strategy components in India. Both primary and secondary data
has been used to carry out research.

4. ANALYSIS AND DISCUSSION

4.1 Evaluation of Financial Inclusion Strategy Components

4.1.1 Stocktaking: Data and Diagnostics – Data play a crucial role for the policy makers and regulator
from formulation of appropriate policy and implement to control and evaluation of financial inclusion
strategies. It facilitates policymakers, regulator and other concerned stakeholders to better understand
the baseline in term of access and usage of financial products and services as well as the various barriers
of financial inclusion, and provides information about how to address these barriers within available
institutional capacity and other resources.

In recent years, the focus has been given to collect better data on financial inclusion. Even if countries
where statistical department are not well developed, the efforts has been given to use data collected from
external sources. The countries can collect their own data through developing a necessary data collection
infrastructure. The GPFI Sub-Group on Data and Measurement has developed ‘Basic Set’ or ‘Core
indicators’, which provides formal information about a) banked and unbanked adult populations, b) adults
using credit facilities from formal financial system, c) formally banked enterprises, d) enterprises with an
outstanding loan from regulated financial institution and e) average number of households served per
branch (GPFI, 2012). The ‘Basic Set’ captures some elements of access, usage and quality of financial
inclusion.

Maintaining or collecting country level standard data is difficult but essential for developing further
strategies. Based on the data, banks and other financial institutions can design appropriate products and
delivery mechanism for the financials needs for the needy. The data analysis and insights ultimately
support reforms and innovation for overall economic development.

4.1.2 Targets and Objectives – once the standard data and diagnostics has been available then one
can look on the specific targets and objectives to focus on. Based on data and diagnostics, the country
level financial inclusion indicators can be formed and the focus has been given to those indicators who
were lacking the meeting targets. The financial inclusion indicators can be used for the national process
of setting financial inclusion targets and monitor progress towards them.

86
4.1.3 Strategy-Building or Revision – Clear targets and objectives leads towards to set-up a strategy,
or action plan – or revision on of the existing strategy – to identify and align activities and roles for all
players concerned in meeting those targets and objectives, and providing or identifying an institutional
structure to ensure the successful implementation of the strategy. It requires great commitment from all
concerned including government, regulator, private sector and civil society to promote financial inclusion
and financial capabilities, to ensure that the financial inclusion strategy is achievable and has wide
ownership. Banks and other financial institutions must play a leading role to develop and implement
financial inclusion strategies. It is essential for each country to have a national level financial inclusion
strategy to achieve a country specific target of financial inclusion. Ideally, ministry of finance or regulators
can lead and monitor the design and implementation of financial inclusion strategies, whereas task force
can be set up with private sector to understand the existing barriers, develop shared objectives, engage
wide participation and encouraged shared ownership. It is essential to have a coordination council or task
force who can provide a national platform for the leadership and push to implement the strategy
commitment.

4.1.4 Public Sector Actions: Policies, Regulation, and Financial Infrastructure – the appropriate
institutional structure for financial inclusion mainly deal with regulatory reforms, financial infrastructure and
public interventions. The reforms can removes the barriers and implement a comprehensive package to
encourage financial service innovation and delivery in line with financial inclusion strategy targets.
Financial infrastructure however reduce risk and the lower costs to provide financial services to new low-
income customers while ensuring with credit information system, secured transection framework and
efficient and secure payments systems. Complimenting these policies, public interventions can potentially
compensate for deficits and bottlenecks that impede private sector action, and should proportional and
flexible enough to allow innovation in financial services and delivery mechanism that encourage banks to
lend to new customers while ensuring financial stability and integrity. The policy makers and regulators
play a key role in the design and implementation of an enabling environment for financial inclusion. The
sound legal and regulatory framework promotes market development and competition while ensuring
appropriate prudential norms to protect interest of consumers and service providers.

4.1.5 Private Sector Actions – the healthy competition amongst the existing players forces to introduce
new products and services, new business models and delivery mechanisms that expand the access and
usage of financial services. However, it is a challenge for regulators and policymakers to provide
sufficient space for innovation for piloting of new products and delivery mechanisms while ensuring
financial stability, consumer protection and financial integrity at top level proprieties. Already there are
number of innovative and viable business models developed to serve the low-income customers and
MSMEs (Micro, Small, and Medium Enterprises) with wide range of products and services but still
ongoing process, despite having notable potential and growth of models such as mobile banking, linking
bank accounts with government payments and other benefits, index-based insurance and financially
accessible ‘Basic or No-frill’ accounts.

4.1.6 Progress-Monitoring – monitoring the progress towards the achieving targets from various
financial inclusion strategies are essential for continuous development. Progress monitoring not only done
for assessing the progress in terms of achievement in financial inclusions targets and objectives but also,
it would be helpful to know the effectiveness of the reforms, products and delivery mechanism introduced
through implementing various strategies. If required, the necessary changes can be made to enhance the
existing strategies. The success of any strategy could be measured though assessing feedbacks from
service providers (supply side) and end-users (demand side). That can be done through frequent and
regular basis, using data from national surveys and cross country surveys.

87
4.2 Adoption of Financial Inclusion Strategy Components – Reflections from India

The Table II explains brief about different financial inclusion strategy components and highlighted with
India’s initiatives towards each component.

Table II: Adoption of Financial Inclusion Strategy Components by India

Strategy Potential Existing (Global) India’s Initiatives
Components Commitments Models

1. Data and Data collection, data Regulator/Household/ – All India debt and Investment
Diagnostics analysis, Enterprise Surveys, survey (undertaken every 10 years)
formulations of Financial Inclusion & – National Sample Survey (NSS)
indicators, creates Responsible Finance (undertaken every year)
recommendations diagnostics – RBI and other survey data from
and insights from research institutes
diagnostics, align – Multi-Country Supply-Side Data
targets and broader (including India): IMF Financial
objectives. Access Survey (FAS), Global
Payment Systems Survey (World
Bank), Global Remittance Prices
(RPW) database, Financial
Institutions Survey (World Bank),
MIX, IMF-International Financial
Statistics (IFS), IMF Financial
Soundness Indicators (FSI)
– Multi-Country Demand-Side Data
(including India): Findex,
Enterprise Survey (World Bank),
Consumer Protection; Financial
Literacy Surveys (World Bank),
Living Standards Measurement
Study (LSMS); FinScope; Financial
Diaries
2. Targets and Support targets for G20 basic financial – RBI working on increase track of
Objectives financial inclusion inclusion indicators, financial inclusion indicators
indicators, and supplemented by – Target of the NRFIP – To provide
broader objectives, tailored national FI financial services, including credit,
and progress indicators to at least 50 per cent of financially
monitoring toward excluded households in the country
achieving them. by 2012 through rural or semi-
urban branches of commercial
banks and Regional Rural Banks
(RRBs) [now it has been achieved].
The remaining households have to
be covered by 2012.
3. Strategy- Strategy Charters, strategies, – RBI and government working hard
Building, formulation, action plans, in line to push financial inclusion
th
Imple- implementation and components of – 12 Five Year Plan

88
 menting or evaluation to financial sector – Statements of intents signed
Revision improve the financial strategies between Ministry of Finance and
inclusion. Public Sector Banks
– Financial Inclusion plans submitted
to RBI
– National Rural Financial Inclusion
Plan (NRFIP)
– Extensive step has been taken but
nevertheless gaps and challenges
remains
Ensure cross- National level platform – Committee on Financial Inclusion
agency coordination for financial inclusion (2008), responsible for suggesting
for success of like council, task force. overall policy changes and
strategy A dedicated financial strategic recommendations to
implementation. inclusion unit or achieve higher level of financial
central bank or inclusion in India.
ministry of finance can – Taskforce on MSMEs (The Micro,
lead for reforms. Small and Medium Enterprises),
2010
Put on place an Development of – Introduction of Core Banking
adequate regulatory adequate payment Solution (CBS)
and supervisory system using modern
capacity to technologies.
implement and Banking agent – Banking agent regulation by RBI
monitor reforms to regulation
ensure financial
inclusion with
consumer
protections
4. Public Commitment toward Regulation simplifying – Regulatory freedom to open rural
Sector introducing policy, procedures for access and semi-urban bank branches and
Actions: legal reforms and to to finance linking these initiatives with the
Policies, develop financial opening of branches in other areas.
Regulation, infrastructure in – Mandated banks to open at least
and order to promote 25% of all new branches in
Financial responsible financial unbanked rural centres.
Infra- inclusion. Stimulate – Substantially liberalized the
structure the financial sector Business Correspondents (BCs)
response towards and Business Facilitators (BFs)
FI. based service delivery model
– Simplification of procedures for
access of finance (e.g. liberalize
KYC norms, no due certificates
from other banks, etc.)
– SHG/Microfinance linkage with
banks
– Guidelines pertaining to rural and
cooperative banking and to priority

89
 sector lending for all commercial
banks
– India’s expensive post office
network is being used to boost the
financial inclusion
Legislation allowing –
alternative financial
products/ services,
and e-money
National instruments – Unique Identification Authority of
to promote FI (like India (UIDAI)
national IDs, national
switches, credit
information systems)
Channel social – Partially Electronic Benefit Transfer
payment platform (like has been introduced for routing
govt. aids and social security payments through
subsidies) the banking channel
Financial literature and – Set up Financial Literacy and
consumer protection Credit Counselling (FLCC)
initiatives institutions and Financial Literacy
Centres (FLCs) at district level
5. Private Encourage financial Accessible financial – Introduce basic bank accounts, no-
Sector institutions to targets accounts for frill accounts
Actions and respond savings/payments – Experimentation with a number of
towards the delivery models, financing
improvement of mechanisms, products and
enable environment technologies: low-cost ATM,
through introduction biometric cards, mobile phones,
of new products, etc.
process, and – Introduction of mobile van banking
delivery mechanism facilities in small villages
that significantly and – Pricing for banks totally freed;
responsibly expand Interest rates on advances totally
financial inclusion. deregulated
Mobile banking – Partially mobile banking services
products which allows has been introduced but still being
to broad range of under process for high-end
financial services services
Develop viable Microfinance through – Partnership model that allows
business model for retail network, SME banks to leverage MFI’s
low-income through the supply (microfinance institutions) loan
customers. chain origination capability

Progress- Progress monitoring G20 basic financial – RBI monitoring progress and
Monitoring towards assigned inclusion indicators providing guidance towards the
financial inclusion (access, usage & financial inclusion, specific
targets quality), supplemented commission: Khan Commission.

90
 by tailored national FI
indicators
Source: Compiled by the author based on; The World Bank (2012), “Financial Inclusion Strategies –
Reference Framework”, The World Bank, June 2012.

5. FINDINGS AND OBSERVATIONS

The India has already implemented various FI strategy components suggested by the World Bank.

From the Table II it has been found that, India has presence of numerous institutions that have been
working for collection and evaluation of financial inclusion data. But, Indian does not have a single
point contact (institution/organisation) that deals with compilation of FI data collected by various
institutions and organisation to make them authentic and base for development or revision of FI
strategies. As far as concerning to FI targets and objects, India has started late but doing well. It is
remarkable that within a shorter span of two years India has covered all the unbanked villages with
population of more than 2000 persons, numbering around 74,000 into the banking fold. Now the focus
has been shifted to cover entire unbanked villages with population below 2000 persons into banking
system latest by March 2015. RBI and government are working hard in line to push financial inclusion in
the country through formulation, implementation and revision of strategies. But Porter (2011), in its
study mentioned that across the globe about 46 countries having a national strategy for financial inclusion
but India does not have any national strategy, however the Indian government actively promotes
microfinance in the policy and political landscape.

Concerning to the Public Sector Action, India has been doing well in terms of formation of policies,
regulations and financial infrastructure to bust the access of financial services. Majority of initiatives are at
the introductory level and will takes time to stabilize. Besides having a Financial Literacy and Credit
Counselling Center, there is need to give more focus on financial literacy. There has also need for change
in behaviour of employee from financial service providers, especially employee behaviour of nationalized
banks and other government organisations to guide and serve the illiterate, rural and poor people.

The good enough focus has been given towards Private Sector Actions but still concentrated has been
required to develop and provide right products to right people. It is essential to have minimum
transections in ‘no-frill’ bank accounts. RBI and Indian government have been monitoring the progress
towards FI. However, there has no evaluation of specific FI strategy or comparative analysis of various FI
strategies to get to know the success of any strategies.

6. LIMITATION AND FUTURE SCOPE OF RESEARCH

The research paper has broadly evaluated the FI strategy components and examined its adoptions in
India. There has a scope for detailed analysis of each FI strategy components. Even there has also scope
to examine each FI strategies adopted by India separately.

7. CONCLUSION

Financial Inclusion is fundamental for improving livelihoods of poor and engine for sustainable economic
growth. Worldwide number of institutions/organisations and groups of countries trying to develop standard
strategies for financial inclusion, to be implemented anywhere with minor change. Indian has already
taken various efforts to adopt global standard practices for financial inclusion. But the efforts of FI will only
be successful if they supported by reliable data, common indicators to focus, appropriate strategy

91
 formation or revision and monitoring progress in achieving improvements in FI. The success for financial
inclusion could be achieved through formation of appropriate FI strategies, building institutional structure,
developing private sector and public sector actions with policies, regulations and financial infrastructure
and creating supportive implementation framework.

REFERENCES:
1. AFI (2012), “A Quick Guide to the Maya Declaration on Financial Inclusion”, Alliance for Financial
Inclusion, 2012
2. Chakrabarty K C (2011), “Financial Inclusion: Partnership between Banks, MFIs and Communities”,
address at the FICCI – UNDP Seminar at New Delhi on October 14, 2011.
3. G20 Financial Inclusion Experts Group (2010). Innovative Financial Inclusion: Principles and Report
on Innovative Financial Inclusion from the Access through Innovation Sub-Group of the G20
Financial Inclusion Experts Group. ATISG Report, Canberra, Australia.
4. GPFI (2012), “The G20 Basic Set of Financial Inclusion Indicators”, Global Partnership for Financial
Inclusion, June 2012.
5. http://www.g20.org/ (Accessed on February 14, 2013)
6. IFC (2011), “Financial Inclusion Data - Assessing the Landscape and Country-level Target
Approaches”, Discussion Paper Prepared by IFC on Behalf of the Global Partnership for Financial
Inclusion, October 2011.
7. Joshi D P (2011), “The Financial Inclusion Imperative and Sustainable Approaches”, Foundation
Book, New Delhi.
8. Kuhlase F (2012), “The State of Financial inclusion in South Africa”, The Banking Associate South
Africa, 2012.
9. Leeladhar V (2006), “Taking Banking Services to the Common Man - Financial Inclusion”, Reserve
Bank of India Bulletin, January 2006, pp. 73-77.
10. Porter B (2011), “National Strategies: Where Do They Get Us? A Roadmap for Financial Inclusion”,
2011 Global Microcredit Summit, Commissioned Workshop Paper, November 14-17, 2011 –
Valladolid, Spain
11. Rangarajan C (2008), “Report of the Committee on Financial Inclusion”, Committee Report.
http://nabard.org/pdf/report_financial/Full%20Report.pdf, January 4, 2008
12. The Banking Associate South Africa (2012), “Financial Inclusion - A Priority for Financial Sector
Deepening and Development”, The Banking Associate South Africa, 2012
13. Thorat U (2008), “Inclusive Growth – The Role of Banks in Emerging Economies”, lecture delivered
at ‘Independence Commemoration Lecture, 2008’ at the Central Bank of Sri Lanka, Colombo,
February 28, 2008.
14. The World Bank (2012), “Financial Inclusion Strategies – Reference Framework”, The World Bank,
June 2012, pp. 1-58.

AUTHORS PROFILE:

Mr. Sanjay Sakariya is currently associated with School of Petroleum Management, Pandit Deendayal
Petroleum University, Gandhinagar, Gujarat, India. He has done MBA and currently pursuing his PhD in
management. He has about 6.5 years of work experience in management research, especially in
developing management case studies, teachings notes and research papers. He has published at various
reputed international publications and about 18 publications are on his credit.

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