Structured view of profitable financial inclusion models practiced by Indian banking industry

Abstract

Financial inclusion offering all financial services to the rural poor is a mighty challenge and a complex task. As such, no single model can act as a panacea for this purpose. Banks and development agencies have to devise innovative methods and design models to suit the varying needs of rural poor. Group as well as community approach together with technological infrastructure, particularly Mobile Technology, would bring economies of scale for Banks. It needs no elaboration that the success of financial inclusion will finally depend on the whole hearted support of all concerned coupled with financial literacy/counseling of under-privileged. It is certain that financial inclusion will turn out to be a business opportunity in the long run.