To further deepen the financial inclusion (FI) framework, the Finance Ministry will organise a special campaign from October 15 to November 26 at the Gram Panchayat (GP) level in seven districts across India.
The districts include Cuttack, Odisha; Aurangabad, Maharashtra; Pune, Maharashtra; Kakinada, AP; Kaushambi, UP; Datia, MP; and Barpeta, Assam.
The campaign will focus on achieving saturation in respect of bank accounts, insurance/pension schemes for eligible individuals, and distribution of loans to Farmer Produce Organisations (FPOs), SHGs (Self Help Groups) for establishment of Cold-Chain infrastructure.
It will also work on expanding the coverage of MUDRA (Micro Units Development & Refinance Agency Ltd), & KCC (Kisan Credit Card) penetration for persons engaged in animal husbandry, dairy & fisheries, and bringing SHG members within the ambit of FI ecosystem of the country.
Another focus area is mobile/Aadhaar seeding of existing accounts with special emphasis on turning small accounts into normal ones by doing full KYC (Know Your Customer).
The Reserve Bank of India’s Financial Inclusion Index improved to 56.4 this March, from 53.9 a year ago. The index has been conceptualised as a comprehensive metric, incorporating details of banking, investments, insurance, postal schemes and pension in consultation with the government and respective sectoral regulators.