Sampoorn Vittiya Samaveshan Mission to be Launched Soon to Provide all Households with Banking Services

To provide all households in the country with the banking services, a time bound programme would be launched as Financial Inclusion Mission which would particularly focus to empower the weaker sections of the society, including women, small and marginal farmers and labourers.

Reserve Bank of India (RBI) in January 2006 permitted banks to utilize the services of intermediaries viz Business Correspondents (BC) in providing banking services.

The BC model ensures a closer relationship between poor people and the organized financial system. RBI has reported that as on 31.3.2014, there were 194772 Business Correspondents.

RBI has advised banks to pay reasonable commission/fee to the BC, the rate and quantum of which is reviewed periodically.

This information was given by the Minister of State for Finance, Smt. Nirmala Sitharaman in written reply to a question in Lok Sabha.