||Particulars of its organisation, functions and duties
Financial Inclusion Department
NABARD, Head Office, Mumbai
To address the issues of financial inclusion, the Government of India constituted a “Committee on Financial Inclusion” under the Chairmanship of Dr. C. Rangarajan. The committee defined Financial Inclusion as "the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost.” Based on the recommendations of the Committee, two funds, the Financial Inclusion Fund (FIF) and the Financial Inclusion Technology Fund (FITF) have beenestablished with NABARD, which is the coordinating agency of Financial Inclusion initiatives with Financial Inclusion Department (FID) as the nodal department.
Functions and duties :
- The core activities of the Department are to carry forward the agenda of financial inclusion of the excluded population at the national level as per the framework described by the Report of the Committee on Financial Inclusion in general and operationalising the Financial Inclusion Fund (FIF) and Financial Inclusion Technology Fund (FITF), in particular. The implementation is under the guidance of two Advisory Boards set up for FIF and FITF respectively. The Prioritized activities / institutions for support from both FIF & FITF are available at the following URL :