Thursday, May 26, 2016

Current status of Financial Inclusion in India

Financial Inclusion – Background:
Comprehensive Financial Inclusion incorporates ensuring access to financial services and timely & adequate credit to the excluded sections i.e. weaker sections & low income groups.
It is a known fact that in India, while one segment of the population has access to assortment of banking services encompassing regular banking facilities & portfolio counselling, the other segment of underprivileged and lower income group is totally deprived of even basic financial services.
Exclusion of large segments of the society from financial services affects the overall economic growth of a country. It is for this reason that Financial Inclusion is a global concern. In Sweden and France, banks are legally bound to open an account for anybody
who approaches them. In Canada, law requires Banks to provide accounts without minimum balance to all Canadians regardless of employment / credit history. In the United States, the Community Reinvestment Act (1977) is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate,
Current status of financial inclusion in the country:
Census, 2011 estimated that out of 24.67 crore households in the country, 14.48 crore households had access to banking services. Of the 16.78 crore rural households, 9.14 crore were availing banking services. Of the 7.89 crore urban households, 5.34 crore households were availing banking services.
In the year 2011, Banks covered more than 74,000 villages, with population more
Than 2,000 (as per 2001 census), with banking facilities under the “Swabhimaan”
The present banking network of the country (as on 31.03.2014) comprises of a bank Branch network of 115082 and an ATM network of 160055. Of these, 43962 Branches (38.2%) and 23334 ATMs (14.58%) are in rural areas. Moreover, there are More than 1.4 lakh Business Correspondents (BCs) of Public Sector Banks and Regional Rural Banks in the rural areas. BCs are representatives of bank to provide Basic banking services i.e. opening of basic Bank accounts, Cash deposits, Cash Withdrawals, transfer of funds, balance enquiries, mini statements etc.
Public Sector Banks (PSBs) have estimated that by 31.05.2014, out of the 9.17 crore Rural households which were allocated to them, for coverage, about 5.23 crore Households have been covered (3.94 crore uncovered). In addition, the Regional Rural Banks (RRBs) have also covered about 1.99 crore households out of the 3.97 Crore households allocated to them (1.98 crore uncovered).
The task at hand:
Putting the PSBs and RRBs numbers together implies that about 5.92 crore rural Households are yet to be covered. Considering field level data mismatches in some Instances, it is estimated that there are about 6 crore uncovered households which Would need to be covered in the rural areas. Assuming 2 accounts per family, one for the husband and the other for the wife, this Translates into opening of 12 crore accounts in villages. In addition account opening of uncovered households in urban areas would also be Required. These households are estimated at 2.55 crore as per Census, 2011. However, the exact number of households without bank accounts are not available But estimated to be 1.5 crore implying opening of about 3 crore accounts in urban Areas.
Besides, those households which were covered under the earlier campaigns and have only one account per family would need to be provided with two accounts-one for the husband and the other for the wife.
Present plan:
There are three major shifts from the earlier programme on Financial Inclusion. First , the earlier efforts of financial inclusion had village as the unit for coverage while The present plan focuses on coverage of households. Second, only rural areas have Been the focus so far while both rural and urban areas have been included now. Third, the present plan is being implemented as a Mission Mode Project. It Envisages a comprehensive coverage of all excluded households in the country by a Six pillar approach in two phases.
Mission Mode Objectives ( 6 Pillars):
The present proposal of Comprehensive Financial Inclusion under the Mission Mode i.e. PMJDY  envisages provision of affordable financial services to all citizens within a reasonable distance. It comprises of the following six pillars:-
1-      Universal access to banking facilities:- Mapping of each district into Sub
Service Area(SSA) catering to 1000-1500 households in a manner that every habitation has access to banking services within 5 km by 14th August,2015. Parts of J&K, Himachal Pradesh, Uttarakhand, North East and the 82 Left Wing extremism affected districts which have telecom connectivity and infrastructure constraints would be covered by the end of Phase II of the program (14th August,2018)
2-      Financial Literacy Programme:- Extended to the block level from district level at present by March, 2016.
3-      Providing Basic Banking Accounts with overdraft facility and RuPay Debit card:- To all households. The effort was to first cover all uncovered households with banking facilities by August 2015 by opening two bank accounts-one for the husband and the other for the wife. This is to be continued on an ongoing basis to cover those households who have only one account per family. Facility of an overdraft of Rs.5000/- through RuPay debit card to every basic banking account holder. This card have  an inbuilt accident insurance cover of Rs. One lakh.
4-      Creation of Credit Guarantee Fund - Creation of a Credit Guarantee Fund would be to cover the defaults in overdraft accounts.
5-      Micro Insurance PMJJBY and PMSBY :- By 14th August,2018 and then on an ongoing basis.
6-      Unorganized sector Pension schemes APY :- By 14th August,2018 and then on an ongoing basis.
Under the campaign, the first four pillars were given thrust in the first year .
5. Financial Inclusion Plan :
These activities have been covered under PMJDY launched on 28-08-2014 by PM
15-08-2014 to
1-      Universal access to banking facilities: Providing Basic Banking Accounts with overdraft facility of Rs.5000 and RuPay Debit card with inbuilt accident insurance cover of Rs. 1 lakh.
2-      Financial Literacy Programme
3-      Creation of Credit Guarantee Fund for coverage of defaults in overdraft A/Cs

15-08-2015 to
1-Micro Insurance PMJJBY & PMSBY launched on 09-05-2015 by PM
2-Unorganized sector Pension schemes i.e. APY launched on 09-05-2015 by PM
In addition, in this phase, coverage of households in hilly,tribal and difficult areas Would be carried out. Moreover, this phase would focus on coverage of
Remaining adults in the households and students.
The implementation strategy of the plan is to utilize the existing banking infrastructure

The comprehensive plan was necessary considering the learnings from the past where a large number of accounts opened remained dormant, resulting in costs incurred for banks and no benefits to the beneficiaries.
The plan therefore proposes to channel all Government benefits (from Centre/State/Local body) to the beneficiaries to such accounts and pushing the Direct Benefits Transfer (DBT) scheme of the Union Government including restarting the DBT in LPG scheme.
The target for setting up additional 50,000 BCs is quite challenging given the constraints of telecom connectivity.
In order to achieve this plan, phase wise and State wise targets for Banks have been set up for Banks for the period 15th August,2014 to 14th August,2015.
In order to achieve a “demand” side pull effect, it would be essential that there is
Branding and awareness of Business Correspondent model for providing basic banking services, Banking Products available at BC outlets and RuPay Cards. A media plan for the same is being worked out in consultation with banks.
A Project Management Consultant/Group engaged as PMJDY Mission Office to help the Department implement the plan
The programme was launched simultaneously at National level in Delhi, at every State capital and all district headquarters.
A web-portal created for reporting/monitoring of progress.
Roles of various stakeholders like other Departments of the Central Government, State Governments, RBI, NABARD, NPCI and others have been indicated.
Department of Telecom has been requested to ensure that problems of poor and no connectivity are resolved. They have informed that of the 5.93 lakh inhabited villages in the country (2011 census) only about 50,000 villages are not covered with Telecom connectivity.
Need for PMJDY; Learning from the Past- Older FI Plan
The efforts need to be converged so as to cover the various aspects of Comprehensive Financial Inclusion.
The campaign focussed only on the supply side by providing banking outlets in villages of population greater than 2000 but the entire geography could not be covered.
The target was for coverage of villages and not of the households
It also came out that some technology issues hampered further scalability of the campaign.
The deposit accounts so opened under the campaign had very limited number of, or no transactions and
The task of credit counselling and Financial Literacy did not go hand in hand with
the campaign.
Consequently the desired benefits were not visible. Learning from the past, the present proposal is, therefore, an integrated approach to bring about comprehensive financial inclusion or PMJDY
Roles of major stakeholders:
Role of Department of Financial Services:
Overall ownership of the Mission Mode Project on Financial Inclusion
Overall Monitoring and Implementation of the Mission
Role of other Central Government Departments:
In order to achieve the complete financial inclusion and transfer of social benefits in the accounts of the beneficiaries, the concerned Departments of Central Government would coordinate with the stake holders.
Presently, 26 centrally Social benefits scheme under DBT are sponsored by eight Departments of the Central Government as under:
I. M/o Social Justice & Empowerment
II. M/o Human Resources Development, D/o Higher Education
III. M/o Human Resources Development, D/o School Education & Literacy
IV. M/o Tribal Affairs
V. M/o Minority Affairs
VI. M/o Women and Child Development
VII. M/o Health & Family Welfare
VIII. M/o Labour and Employment
MGNREGS is sponsored by Ministry of Rural Development (MoRD, GoI). Departments like Department of Posts for using the rural post offices, Department of Telecommunications for telecom connectivity, Ministry of Information & Broadcasting and DAVP to assist in media campaign, DEITY in
development of logistic support for monitoring like creation of portal for data updating, development of electronic reporting system, MoRD for convergence with NRLM, HUPA for convergence with NULM etc.
Role of RBI:
To align their directions to the Banks on Financial inclusion with the Mission mode
FIF fund allocation support
Depositor Education and Awareness Fund scheme 2014 support
To guide and support Banks in Financial Literacy Campaign and revamping and expansion of FLCCs upto the Block level
Role of Banks: As defined in the Mission Mode document
Role of IBA:
Coordination in Financial Inclusion Effort with all Banks
Key monitoring role in Financial Literacy campaign
Coordination in publicity and campaign
Coordination in centralised handling of customer’s grievances / issues through Toll free numbers in coordination with Banks
A dedicated Desk to be set up for monitoring of implementation of FI. The desk will have a call centres with Toll free numbers       
Role of NABARD:
Coordination in publicity and campaign
Monitoring of Implementation of Financial Inclusion in respect of organisations working under NABARD
Allocation of funds from Financial Inclusion Fund (FIF)
Role of State Governments:
Appointment of Mission Director at State level
Monitoring of financial inclusion campaign in coordination with SLBC & all the stake holders
Direct Benefit Transfer of the State schemes in the bank accounts of the beneficiaries
Role of SLBC:
SLBC Convenor GM to act as Secretary to state implementation committee
Coordination with all the Banks for Financial Inclusion Activity
Monitoring and follow up of different activities of financial inclusion
Role of District Administration:
Key role in implementation of FI in the districts
District Collector (DC) to act as chairman of District level implementation committee
Role of Lead District Manager:
Lead District Manager (LDM) to act as Secretary to the District Implementation Committee
LDM to coordinate with all the Banks in FI implementation in the District
Role of Local Bodies:
Representatives of local bodies (panchayats in rural areas and municipalities in urban areas) to assist in implementation of FI in various ways like in organising camps in opening of accounts, identification of persons for opening of account , in financial literacy campaign etc.
National Payment Corporation of India (NPCI):
Coordination and necessary guidance and supports to banks for in providing and proper operations of RuPay cards
To facilitate Interoperability among BCs

Necessary supports to Banks in making available USSD based mobile banking with low end mobile phones so that customer can avail basic banking services like deposit, withdrawal, fund transfer, balance enquiry etc across the banks. This product may be enabled at BC outlets also.

Monday, September 21, 2015

कस्मै देवाय हविषा विधेम

हिरण्यगर्भः समवर्तताग्रे भूतस्य जातः पतिरेक आसीत् 
स दाधार पृथिवीं द्यामुतेमां कस्मै देवाय हविषा विधेम ।
य आत्मदा बलदा यस्य विश्व उपासते प्रशिषं यस्य देवाः 
यस्य छायामृतम् यस्य मृत्युः कस्मै देवाय हविषा विधेम ।
यः प्राणतो निमिषतो महित्वै क इद्राजा जगतो बभूव             
यः ईशे अस्य द्विपदश्चतुष्पदः कस्मै देवाय हविषा विधेम । 
यस्येमे हिमवन्तो महित्वा यस्य समुद्रं रसय सहाहुः             
यस्येमाः प्रदिशो यस्य बाहू कस्मै देवाय हविषा विधेम । 
येन द्यौरुग्रा पृथिवी च दृळहा येन स्वः स्तभितं येन नाकः         
यो अंतरिक्षे रजसो विमानः कस्मै देवाय हविषा विधेम ।
यं क्रन्दसी अवसा तस्तभाने अभ्यैक्षेतां मनसा रेजमाने           
यन्नाधि सूर उदतो विभाति कस्मै देवाय हविषा विधेम ।
आपेा ह यद् वृहतीर्विश्वमायन् गर्भं दधाना जनयन्तीरग्निम           
ततो देवानाम् समवर्ततासुरेकः कस्मै देवाय हविषा विधेम ।
यश्चिदापो महिना पर्यपश्यद् दक्षं दधाना जनयन्तीर्यज्ञम्         
यो देवेष्वधि देवः एक आसीत कस्मै देवाय हविषा विधेम ।
मा नो हिंसीज्जनिताः यः पृथिव्या यो वा दिव सत्यधर्मा जजान             
यश्चापश्चन्द्रा बृहतीर्जजान कस्मै देवाय हविषा विधेम ।
प्रजापते न त्वदेतान्यन्यो विश्वा जातानि परि ता बभूव           
यत् कामास्ते जुहुमस्तन्नो अस्तु कस्मै देवाय हविषा विधेम ।
 हिरण्यगर्भ-ऋग्वेद मंडल 10 सूक्त 121

Sunday, August 2, 2015

आया सावन बरसा पानी

दिन रात व्योम में उड़-उड़ कर
फिर मोह में शायद थोडा पड़ कर
बेचैन हुए काले बादल
अम्बर तजकर भागे पागल
उनसे फिर छलका पानी।
आया सावन बरसा पानी।।

धरती की थी आँखे उदास
प्यासी थी उसकी साँस-साँस
नभ उसके दुःख से दुखित हुआ
बादल सा काजल द्रवित हुआ
आँसू बनकर बहका पानी।
आया सावन बरसा पानी।।

धरती से जब से अलग हुआ
निस्तेज हुआ निष्प्राण हुआ
पूरी कर निष्ठुर कठिन सजा
सूरज की कैद से छूट भगा
बरसा प्रेम का तरसा पानी।
आया सावन बरसा पानी।।

स्थिर को गति देने आया
नवजीवन ये बोने आया
आशाओं-उम्मीदों का प्रतीक
पृथ्वी पर ईश्वर का प्रतीक
सर्जन करने निकला पानी।
आया सावन बरसा पानी।।

Sunday, July 12, 2015

घर की याद - भवानी प्रसाद मिश्र

आज पानी गिर रहा है,
बहुत पानी गिर रहा है,
रात भर गिरता रहा है,
प्राण मन घिरता रहा है,

अब सवेरा हो गया है,
कब सवेरा हो गया है,
ठीक से मैंने न जाना,
बहुत सोकर सिर्फ माना-

क्योंकि बादल की अँधेरी,
है अभी तक भी घनेरी,
अभी तक चुपचाप है सब,
रातवाली छाप है सब,

गिर रहा पानी झरा-झर,
हिल रहे पत्ते हरा-हर,
बह रही है हवा सर-सर,
काँपते हैं प्राण थर-थर,

बहुत पानी गिर रहा है,
घर नजर में तिर रहा है,
घर कि मुझसे दूर है जो,
घर खुशी का पूर है जो,

घर कि घर में चार भाई,
मायके में बहिन आई,
बहिन आई बाप के घर,
हाय रे परिताप के घर!

आज का दिन दिन नहीं है,
क्योंकि इसका छिन नहीं है,
एक छिन सौ बरस है रे,
हाय कैसा तरस है रे,

घर कि घर में सब जुड़े है,
सब कि इतने कब जुड़े हैं,
चार भाई चार बहिनें,
भुजा भाई प्यार बहिनें,

और माँ‍ बिन-पढ़ी मेरी,
दुःख में वह गढ़ी मेरी
माँ कि जिसकी गोद में सिर,
रख लिया तो दुख नहीं फिर,

माँ कि जिसकी स्नेह-धारा,
का यहाँ तक भी पसारा,
उसे लिखना नहीं आता,
जो कि उसका पत्र पाता।

और पानी गिर रहा है,
घर चतुर्दिक घिर रहा है,
पिताजी भोले बहादुर,
वज्र-भुज नवनीत-सा उर,

पिताजी जिनको बुढ़ापा,
एक क्षण भी नहीं व्यापा,
जो अभी भी दौड़ जाएँ,
जो अभी भी खिल-खिलाएँ,

मौत के आगे न हिचकें,
शेर के आगे न बिचकें,
बोल में बादल गरजता,
काम में झंझा लरजता,

आज गीता पाठ करके,
दंड दो सौ साठ करके,
खूब मुगदर हिला लेकर,
मूठ उनकी मिला लेकर,

जब कि नीचे आए होंगे,
नैन जल से छाए होंगे,
हाय, पानी गिर रहा है,
घर नजर में तिर रहा है,

चार भाई चार बहिनें,
भुजा भाई प्यार बहिनें,
खेलते या खड़े होंगे,
नजर उनको पड़े होंगे।

पिताजी जिनको बुढ़ापा,
एक क्षण भी नहीं व्यापा,
रो पड़े होंगे बराबर,
पाँचवे का नाम लेकर,

पाँचवाँ हूँ मैं अभागा,
जिसे सोने पर सुहागा,
पिता जी कहते रहें है,
प्यार में बहते रहे हैं,

आज उनके स्वर्ण बेटे,
लगे होंगे उन्हें हेटे,
क्योंकि मैं उन पर सुहागा
बँधा बैठा हूँ अभागा,

और माँ ने कहा होगा,
दुःख कितना बहा होगा,
आँख में किस लिए पानी,
वहाँ अच्छा है भवानी,

वह तुम्हारा मन समझ कर,
और अपनापन समझ कर,
गया है सो ठीक ही है,
यह तुम्हारी लीक ही है,

पाँव जो पीछे हटाता,
कोख को मेरी लजाता,
इस तरह होओ न कच्चे,
रो पड़ेंगे और बच्चे,

पिताजी ने कहा होगा,
हाय, कितना सहा होगा,
कहाँ, मैं रोता कहाँ हूँ,
धीर मैं खोता, कहाँ हूँ,

गिर रहा है आज पानी,
याद आता है भवानी,
उसे थी बरसात प्यारी,
रात-दिन की झड़ी झारी,

खुले सिर नंगे बदन वह,
घूमता-फिरता मगन वह,
बड़े बाड़े में कि जाता,
बीज लौकी का लगाता,

तुझे बतलाता कि बेला
ने फलानी फूल झेला,
तू कि उसके साथ जाती,
आज इससे याद आती,

मैं न रोऊँगा,कहा होगा,
और फिर पानी बहा होगा,
दृश्य उसके बद का रे,
पाँचवें की याद का रे,

भाई पागल, बहिन पागल,
और अम्मा ठीक बादल,
और भौजी और सरला,
सहज पानी, सहज तरला,

शर्म से रो भी न पाएँ,
खूब भीतर छटपटाएँ,
आज ऐसा कुछ हुआ होगा,
आज सबका मन चुआ होगा।

अभी पानी थम गया है,
मन निहायत नम गया है,
एक से बादल जमे हैं,
गगन-भर फैले रमे हैं,

ढेर है उनका, न फाँकें,
जो कि किरणें झुकें-झाँकें,
लग रहे हैं वे मुझे यों,
माँ कि आँगन लीप दे ज्यों,

गगन-आँगन की लुनाई,
दिशा के मन में समाई,
दश-दिशा चुपचाप है रे,
स्वस्थ की छाप है रे,

झाड़ आँखें बंद करके,
साँस सुस्थिर मंद करके,
हिले बिन चुपके खड़े हैं,
क्षितिज पर जैसे जड़े हैं,

एक पंछी बोलता है,
घाव उर के खोलता है,
आदमी के उर बिचारे,
किस लिए इतनी तृषा रे,

तू जरा-सा दुःख कितना,
सह सकेगा क्या कि इतना,
और इस पर बस नहीं है,
बस बिना कुछ रस नहीं है,

हवा आई उड़ चला तू,
लहर आई मुड़ चला तू,
लगा झटका टूट बैठा,
गिरा नीचे फूट बैठा,

तू कि प्रिय से दूर होकर,
बह चला रे पूर होकर,
दुःख भर क्या पास तेरे,
अश्रु सिंचित हास तेरे!

पिताजी का वेश मुझको,
दे रहा है क्लेश मुझको,
देह एक पहाड़ जैसे,
मन की बाड़ का झाड़ जैसे,

एक पत्ता टूट जाए,
बस कि धारा फूट जाए,
एक हल्की चोट लग ले,
दूध की नद्दी उमग ले,

एक टहनी कम न होले,
कम कहाँ कि खम न होले,
ध्यान कितना फिक्र कितनी,
डाल जितनी जड़ें उतनी!

इस तरह क हाल उनका,
इस तरह का खयाल उनका,
हवा उनको धीर देना,
यह नहीं जी चीर देना,

हे सजीले हरे सावन,
हे कि मेरे पुण्य पावन,
तुम बरस लो वे न बरसें,
पाँचवे को वे न तरसें,

मैं मजे में हूँ सही है,
घर नहीं हूँ बस यही है,
किंतु यह बस बड़ा बस है,
इसी बस से सब विरस है,

किंतु उनसे यह न कहना,
उन्हें देते धीर रहना,
उन्हें कहना लिख रहा हूँ,
उन्हें कहना पढ़ रहा हूँ,

काम करता हूँ कि कहना,
नाम करता हूँ कि कहना,
चाहते है लोग, कहना,
मत करो कुछ शोक कहना,

और कहना मस्त हूँ मैं,
कातने में व्यस्‍त हूँ मैं,
वजन सत्तर सेर मेरा,
और भोजन ढेर मेरा,

कूदता हूँ, खेलता हूँ,
दुख डट कर झेलता हूँ,
और कहना मस्त हूँ मैं,
यों न कहना अस्त हूँ मैं,

हाय रे, ऐसा न कहना,
है कि जो वैसा न कहना,
कह न देना जागता हूँ,
आदमी से भागता हूँ,

कह न देना मौन हूँ मैं,
खुद न समझूँ कौन हूँ मैं,
देखना कुछ बक न देना,
उन्हें कोई शक न देना,

हे सजीले हरे सावन,
हे कि मेरे पुण्य पावन,
तुम बरस लो वे न बरसे,
पाँचवें को वे न तरसें।