inclusive growth. strides made in access, but work remains to be done on usage and quality the financial inclusion index developed by rbi measures the progress achieved in financial inclusion across the three dimensions of access, usage and quality of financial services. a review of the underlying parameters indicates that while several strides have been made in building access, much work remains to be done in improving usage and quality. 1 / 5 bis - central bankers'speeches let me explain this with an example. as per reporting by slbcs, banking access has been provided to every village ( or hamlet of 500 households in hilly areas ) within a five km radius, barring a few. data also indicates that it is the business correspondent ( bc ) model which has been leveraged in expanding such access. however, a recent survey undertaken by the reserve bank indicates that bcs largely provide only a limited set of services viz. cash - in / cash - out services and populations in far flung areas may still not have access to the full bouquet of banking services as would normally be available at bank branches. persisiting credit gaps despite significant penetration of credit in india, there is still ample scope for reducing credit gaps that can promote economic inclusivity and development. while credit delivery to the priority sectors has indeed improved, we still have a long way to go to meet the credit needs of the msmes1. similarly, nearly half of self - help groups ( shgs ) still remain to be credit linked while a considerable section of small and marginal farmers are yet to be covered under bank credit2. addressing these credit gaps demands a multi - pronged effort in which slbcs have a crucial role. expectations of slbcs i would like to cover four key areas where i believe slbcs can make an immensely positive contribution. ( i ) effective coordination with government and ngos firstly, effective coordination with government agencies and non - governmental organisations is imperative. being a collective forum, slbcs must foster strong partnerships with various government bodies to align banking initiatives with developmental programs. this includes working closely with local administrations to ensure that banking services reach underserved regions, facilitating the implementation of government schemes, and addressing region - specific issues through collaborative efforts. there is a need for sensitising the district administration on the scope of the lead bank scheme and the role of banks under it. besides this, staff at the operational level for both banks and government agencies associated with implementation of the lead bank scheme must be aware of the latest developments and emerging

causes, overemphasising financial standards could detract attention from other policy priorities. the relative importance of financial standards in crisis prevention must also be adjudged from the standpoint of the relative openness of the economy ’ s capital account and in this sense the “ one size fits all ” approach may have to be eschewed. 1. 8 since the primary motive for having standards is to catalyze orderly capital flows, while ensuring financial stability, greater consultation with the private sector in evolving and prioritizing of core standards is of utmost necessity. all standards and codes are not equally relevant to all segments of private sector and further they do tend to evolve over a period reflecting concerns of both public policy and market participants. 1. 9 it is gratifying to note that currently there is a better appreciation of india ’ s stand in the international fora as compared with the past. ii. india ’ s association with the global efforts in fostering international standards and codes 2. 1 india has been closely associated with various standard setting bodies and has been taking active part in the work of several key international fora devoted to the task of developing and promoting implementation of financial standards and codes. although india is not a member of the @ financial stability forum ( fsf ), it was one of the countries specially requested to help the forum in task force on the implementation of standards and to participate in the joint committee group meeting. the task force was set up to explore key issues relating to standards / codes / core principles and consider the strategy for fostering the implementation of international standards relevant for a sound financial system. 2. 2 the reserve bank is also represented at the follow up group on incentives for implementation of standards instituted by the fsf following submission of the task force report. the group has been ascertaining how various elements of market and official incentives could best reinforce one another within the framework of the overall strategy to foster implementation of standards and, for this purpose, engages in a dialogue with a cross section of relevant market participants. 2. 3 reserve bank of india officials worked closely with the basel committee on banking supervision ( bcbs ). in 1997, in consultation with the supervisory authorities of a few non - g - 10 countries including india, the bcbs drew up the 25 ‘ core principles for effective banking supervision ’ aimed at guiding supervisory authorities seeking to strengthen their current supervisory regime. 2. 4 from its inception, india was also represented on the group on joint task force