customer, rather than simply posting higher numbers in branches or bank accounts opened, has to be part of our efforts. we need a frugal, trustworthy, and effective indian model for financial inclusion. our measure of success should be the jobs that are created, not by giving government subsidies or protections to labour - intensive industries or sectors but by developing a facilitating, though competitive, environment that will result in the emergence of the best solutions. this i would suggest the way forward for meeting our dream of financial inclusion. some of the measures are already in pipeline. we are awaiting the forthcoming recommendations of the dr. nachiket mor committee, the dr. sambamurthy bis central bankers ’ speeches committee will also guide us how to expand mobile banking in india through encrypted sms based funds transfer in any type of handset. so in sum while several challenges do present themselves they catty within them the core of opportunities which will spur development impulses and lead to growth with equity. thank you for a patient hearing. bis central bankers ’ speeches bis central bankers ’ speeches

deepali pant joshi : financial inclusion – journey so far and road ahead speech by dr deepali pant joshi, executive director of the reserve bank of india, at the mint conclave on “ financial inclusion ”, mumbai, 28 november 2013. * * * assistance provided by shri ajay kumar misra, gm, smt. sushma vij, dgm, and smt. mruga m paranjape, manager is gratefully acknowledged. 1. mr tamal bandopadhyay deputy managing director, mr sukumar, editor mint, distinguished guests ladies and gentlemen at the very outset let me say that i am extremely happy to be here with you this beautiful evening and thank the editor mint for having me here, to share with you the rbi perspectives on the financial inclusion. i extend warm congratulations to mint on celebrating a decade of engagement with these issues which concern us all. 2. dr. raghuram rajan, has powerfully enunciated that there is a need for broad based diversified growth lading to rapid reduction in poverty. reserve bank plans its developmental initiatives over the next few quarters on five pillars, one important pillar is of financial inclusion i. e. “ expanding access to finance to small and medium enterprises, the unorganized sector, the poor, and remote and underserved areas of the country through technology, new business practices, and new organizational structures ; that is, we need financial inclusion. ” 3. the expectations of poor people from the financial system are principally ease of access, security and safety of deposits, low transaction costs, convenient operating time, minimum paper work, ability to transact easily effect frequent deposits, avail quick and easy access to credit and other products including remittances suitable to their income streams and consumption patterns. the provision of uncomplicated, small, affordable products can help bring low income families into the formal financial sector. low - income households in the informal or subsistence economy often have to borrow from friends, family or usurious moneylenders. they have little awareness and practically no access to financial services that could protect their financial resources in exigent circumstances such as illness, property damage or death of the primary breadwinner. taking into account their seasonal inflow of income from agricultural operations, migration from one place to another seasonal and irregular work availability and income, the existing financial system needs to be designed to suit their requirements and to be more responsive to their needs. the mainstream