The finance Minister of India as well as the Governor, Reserve Bank of India have stressed on 'Financial Inclusion' as an important objective of the banking sector.
What do they mean by 'Financial Inclusion'?
1. Reaching banking services of all sections of the society in all parts of the country.
2. Providing all sorts of financial aids/grants to the people living below poverty line as a social welfare measure without earning any profit.
3. This means that banks henceforth should open their branches in rural areas only.
Codes