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Financial Inclusion

Overview

The Department aligns its activities with the agenda of financial inclusion of the excluded population as per the framework and scope described by the Report of the Committee on Financial Inclusion utilizing the Financial Inclusion Fund (FIF). The major activities include formulation of schemes for financial literacy, knowledge dissemination, creation of infrastructure, facilitating technology adoption by banks and policy advocacy.

NABARD has supported Financial Literacy efforts through various initiatives keeping in mind its importance to augment demand for financial services, especially for those offered on the digital platform. In addition, in order to augment the supply side of the financial ecosystem, NABARD has also extended support for on-boarding to digital platforms, improving connectivity and meeting regulatory requirements.

NABARD has adopted a differentiated strategy since 2019-20 for focussed Financial Inclusion Fund (FIF) interventions which still continues to address regional inadequacies and to bring about inclusive and equitable financial inclusion across the country. Under the strategy, grant assistance is provided at enhanced rate of 90% for Special Focus Districts (SFDs) which includes aspirational districts, LWE districts, credit deficient districts, districts identified by RBI, and districts in Hilly states and NER as well as Andaman and Nicobar Islands. In case of other districts, there will be standard participation share of FIF support vis-à-vis type of bank viz., SCBs (60%), RRBs (80%) and RCBs (90%) or ceiling prescribed under the scheme.

Standard schemes on tap

1) Financial Literacy Programmes

  1. i) Financial and Digital Literacy Camps by branches of banks
  2. ii) Financial and digital literacy camps through FLCs
  3. iii) Reimbursement of Examination fee of BC/BF
  4. iv) Demonstration Van for Financial Literacy
  5. v) Handheld Projector with Battery, Screen and Speakers
  6. vi) Kiosk Outlets in unbanked villages of North Eastern Region (NER) States
  7. vii) Special scheme for saturation of enrolment of eligible operative PMJDY A/c beneficiaries for Social Security Schemes (SSS) in 117 Aspirational Districts of 28 States

2) Banking Technology Adoption

  1. i) Deployment of microATMs
  2. ii) POS/mPOS Deployment in Tier 3 for 6 centres
  3. iii) Dual Authentication facility at BC Point
  4. iv) On–boarding to BHIM UPI
  5. v) On-boarding to PFMS Platform
  6. vi) Implementing Green Pin facility
  7. vii) On-boarding to BBPS

3) Regulatory Infrastructure Support

  1. i) Membership of AUA/KUA
  2. ii) On-boarding to CKYCR
  3. iii) Support for Positive Pay System

4) Support For Connectivity And Power Infrastructure

  1. i) VSAT deployment in SFDs
  2. ii) Mobile Signal Booster deployment in SFDs
  3. iii) Solar power unit/ UPS deployment in SFDs

Operations under FIF as on 31 March 2023

Total Sanctions: Rs. 5459.34 crore 

Total Disbursements: Rs. 3057.64 crore

Additional Information

Financial Literacy Material for Financial Inclusion

NABARD UNDP FINO FL material

Useful Links

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