Though this problem is universal, the level of financial exclusion has assumed more horrific dimensions in developing countries like in India. In India nearly half of the country is unbanked. India has the highest number of households which are excluded from Banking. There is only one bank branch per 14,000 people present in India. Just 18 per cent have debit cards and less than 2 per cent have credit cards so, to deal with this issue of inclusive growth, the Government of India and the Reserve Bank of India have been making concerted efforts to promote financial inclusion as one of the top national objectives of the country.
Some of the major efforts made in the last five decades include:
Nationalization of banks
Building up of robust branch network of scheduled commercial banks
Co-operatives and regional rural banks, introduction of mandated priority sector lending targets, lead bank scheme
Formation of self-help groups, permitting BCs/BFs to be appointed by banks to provide door step delivery of banking services, zero balance accounts, etc.
And now pmjdy has been introduced to link all financially excluded people with banks and provide them best financial services possible.
The fundamental objective of all these initiatives is to reach the large sections of the financially excluded Indian population. Man...
... middle of paper ...
...ust be provided like address proof, passport size photos.
Further, in order to ensure that persons belonging to low income group both in urban and rural areas do not face difficulty in opening the bank accounts due to the procedural hassles, the 'KYC ' procedure for opening accounts for those persons who intend to keep balances not exceeding rupees fifty thousand (Rs. 50,000/-) in all their accounts taken together and the total credit in all the accounts taken together is not projected to exceed rupees one lakh (Rs. 1,00,000/-) in a year has been simplified to enable those belonging to low income groups without documents of identity and proof of residence to open banks accounts. In such cases banks can take introduction from an account holder on whom full KYC procedure has been completed and has had satisfactory transactions with the bank for at least six months.
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