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Seminar on Financial Inclusion

Seminar on Financial Inclusion. Presentation by S.D.Bargir, Joint Director, IIBF 05-09-2007 PUNE. agenda. Financial inclusion Financial exclusion Strategy for financial inclusion International experience Indian scenario Problem areas Remedy

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Seminar on Financial Inclusion

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  1. Seminar on Financial Inclusion Presentation by S.D.Bargir, Joint Director, IIBF 05-09-2007 PUNE

  2. agenda • Financial inclusion • Financial exclusion • Strategy for financial inclusion • International experience • Indian scenario • Problem areas • Remedy • Conclusion

  3. What is financial inclusion? • It is the delivery of banking services at an affordable cost to the vast sections of disadvantaged and low income group

  4. Financial exclusions-reasons • Poverty • Ignorance- lack of knowledge on financial matters • Environment

  5. Financial Exclusion Consequences of Financial Exclusion

  6. Financial inclusion • Strategy too vary from country to country – in western countries the issues are very different and numbers are few • Scope of FI can be expanded by • state-driven intervention • voluntary effort by the banking community

  7. state-driven intervention • The Micro Financial Sector Development and Regulation Bill • RBI stipulation

  8. Efforts by banking community • No-Frills' Account • Simplification of 'Know Your Customer (KYC)' Norms • reasonable bank charges

  9. International experience in promoting financial inclusion • Three priority areas • access to banking • access to affordable credit • access to free face-to-face money advice. • established a Financial Inclusion Fund

  10. Indian Scenario • About 70000 bank branches • average population per branch 16,000 • 41% of population still unbanked • 61% of rural population still unbanked • 40% of urban population still unbanked • under-banked states are Bihar, Orissa, Rajasthan, Uttar Pradesh, Chattisgarh, Jharkhand, West Bengal and Northeastern states

  11. What are problem areas • lack of proper technology • Lack of business model • inadequate system • gaps in structure and strategy • infrastructure • weak delivery model • lack of proper product formulation

  12. What is remedy • technology-savvy banking system • Provision of ‘smart card’ to access the banking system irrespective of one’s location. • Financial education • building skills • increasing knowledge • develop understanding

  13. Whom to be included • Urban artisans and craftsmen • urban home based workers • Shepherds • unskilled daily wage labourers • traditional farmers , Dairy farmers • low income earners • All ethnic groups • Persons living in areas of high deprivation

  14. . Thank you

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