Financial insertion focuses on the poor who do not enjoy the formal financial institutional support and get them out of the clutches of local money lenders. The fact is that the poorest people in the world still lack access to basic financial services, whether it is savings, credit facility or insurance service. The great challenge is to address the constraints that exclude BoP(Base of the Pyramid) families from full participation in the financial sector. The concept of financial insertion is not a new one. The G O I and the Reserve Bank of India (RBI) have been making concerted efforts to promote financial insertion as one of the important national objectives of the country. Some of the major efforts made in the last five decades include -Nationalization of banks, priority sector lending stipulations, the lead bank scheme and service. Establishment of Regional Rural Banks, launch of Self Help Groups –bank linkage programs were all part of the Reserve Bank of India’s (RBI) initiative to provide financial access to the unbanked and under banked masses.
Indian Member 40.00
Others Member 3.00