Ideas for a financially inclusive India

Abstract

The Prime Minister is expected to outline a policy on financial inclusion in his maiden speech from the ramparts of Red Fort on August 15, 2014. The new government under the leadership of Narendra Modi has affirmed its commitment to financial inclusion initiatives by proposing an implementation plan in “mission mode” in the Union Budget. However, this is going to be a onerous task given that over half of India’s population remains unbanked even after 67 years of Independence and various initiatives taken by different governments since nationalisation of SBI in 1955. RBI and Nabard have also made concerted efforts through schemes like priority sector lending, no-frills accounts, kisan credit cards, business correspondents, and supporting self-help groups (SHGs) and microfinance institutions (MFIs). To achieve success in financial inclusion, the government will next need to consider out-of-the-box measures to make a difference.

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