1. FINANCIAL INCLUSION
A way towards Inclusive Growth
Presented by :
Pravat Kumar Behera
Bikas Ranjan Nayak
2. Inclusive Growth
The ‘inclusive growth’ as a strategy of economic
development received attention owing to a rising
concern that the benefits of economic growth
have not been equitably shared.
Inclusive growth as a new economic strategy
which takes into account the betterment of every
section of the society.
4. FINANCIAL INCLUSION
Meaning: Financial Inclusion is the delivery
of banking services at affordable costs to
vast sections of disadvantaged and low
income groups including
households, enterprises, SMEs, traders.
5. INITIATIVES TAKEN BY RBI
• SIMPLIFIED BRANCH AUTHORISATION
• RELAXED KYC NORMS
• “NO-FRILLS” ACCOUNTS
• GCC
• BUSINESS CORRESPONDENTS
• CBS IN RRBs
• MOBILE BANKING
• FIF AND FITF
6.
7. BANK PROFILE
Bank formerly known as United Commercial Bank
Incorporated on 6th of January 1943
It was vision of Mr. G.D Birla
The bank has headquartered in Kolkata.
It got nationalized in the year 1969.
In 1985 the name of bank was changed to UCO Bank.
8. Reasons for Financial Exclusion
Basically, Financial Exclusion has two barriers, viz., Demand, and Supply
side barriers. The barriers can be defined as follows :
Demand Side Barriers :
1. Complexity :
2. Lack of Literacy :
4. Human Capacity :
5. Affinity for the informal sector :
6. Fear of getting into debt :
7. Uneconomical Production System :
9. Supply Side Barriers:
1. Identification Problem :
2. Outreach Issue :
4. Financial Terms :
5. Bankers Approach :
10. Initiatives taken by UCO Bank for 100%
Financial Inclusion:
1. Allocation of villages/wards to the various
banks operating in the District for taking
responsibility of ensuring 100% financial
inclusion.
2. Surveying the villages/wards by the bank
branches with the help of Government /
Panchayet/Municipality officials to identify
the families having no bank account.
11. 3 Mass campaign for awareness among the
people about the programme jointly by
banks,Panchayets, Municipalities, Govt.
Departments etc. This is very important
for achieving 100% financial inclusion.
Unless people, mainly in rural areas are
aware about banking facilities the desired
goal will not be achieved. Rural ‘Mela’
and electronic-media (Radio & Television)
may be used very effectively.
12. 4. Opening of hassle-free bank accounts i.e
No Frills Account.
5. Issue of General Credit Card (GCC).
6. Circulating all the decisions along with
necessary guidelines to Bank
branches/Government Departments/
Panchayets/ Municipality officials for
proper implementation of the
programme.
7. Presently it has a network of over 2000
branches, over 370 ATMs, and 35 regional
offices across country as well as in
Singapore and Hong Kong
13. • NRI Banking
• The Bank also participated in the development
of women and children in rural areas under
the DWCRA scheme.
14. Conclusion :
• A single mobile infrastructure with complete Bank-on-
wheels
• Banking services like customer enrolment through
biometric ATM, issuance of non-personalized Debit
Cards, receipt and payment of cash, printing of
Passbook, collection of cheque, remittance facilities
through DD / RTGS / NEFT, collection of loan
applications and credit disbursal etc. made available at
the doorstep of customers
• 24 Bank on Wheels has already been started
functioning
