for operating small customer transactions and can act as an effective supervisory mechanism for bc operations. as mentioned earlier, banks must provide a minimum four products – a no - frills savings account with an overdraft facility, a pure savings product, entrepreneurial credit and remittance services, and new products tailored to income streams of poor borrowers and according to their needs and interests. banks must be able to offer the entire suite of financial products and services to poor clients at attractive pricing. though the cost of administering small - ticket personal transactions is high, this can be brought down if banks effectively leverage ict solutions. this can be attained through product innovation with superior cost efficiency. they must understand and penetrate the rural markets efficiently to cross - sell products and services. mobile banking has tremendous potential and the benefits of m - commerce need to be exploited. it is important that adequate infrastructure such as digital and physical connectivity, uninterrupted power supply, etc., is available. all stakeholders will have to work together through sound and purposeful collaborations. local and national - level organizations have to ensure that these partnerships look at both commercial and social aspects to help achieve scale, sustainability and impact. this collaborative model will have to tackle exclusion by stimulating demand for appropriate financial products, services and advice with the appropriate delivery mechanism, and by ensuring that there is a supply of appropriate and affordable services available to those that need them. mindset, cultural and attitudinal changes at grass roots and cutting - edge technology levels of branches of banks are needed to impart organizational resilience and flexibility. banks should institute systems of reward and recognition for personnel initiating, ideating, innovating and successfully executing new products and services in the rural areas. bis central bankers ’ speeches conclusion empirical evidence shows that economic growth follows financial inclusion. boosting business opportunities will definitely increase the gross domestic product, which will be reflected in our national income growth. people will have safe savings along with access to allied products and services such as insurance cover, entrepreneurial loans, payment and settlement facility, etc. our dream of inclusive growth will not be complete until we create millions of microentrepreneurs across the country. all budding entrepreneurs have to face these challenges and find solutions. people working in the social sector should work for filling up the deficit existing in the economic and social arena. to sum up, financial inclusion is the road that india needs to travel toward becoming a global player. financial access will attract global market

disadvantaged with access to easy credit, banks have been asked to consider introduction of a general purpose credit card facility up to 25, 000 at their rural and semi - urban branches. the objective of the scheme is to provide hassle - free credit to banks ’ customers based on the assessment of cash flow without insistence on security, purpose or end use of the credit. this is in the nature of revolving credit entitling the holder to withdraw up to the limit sanctioned. simplified branch authorization : to address the issue of uneven spread of bank branches, in december 2009, domestic scheduled commercial banks were permitted to freely open branches in tier iii to tier vi centres with a population of less than 50, 000 under general permission, subject to reporting. in the north - eastern states and sikkim, domestic scheduled commercial banks can now open branches in rural, semi - urban and urban centres without the need to take permission from rbi in each case, subject to reporting. opening of branches in unbanked rural centres : to further step up the opening of branches in rural areas so as to improve banking penetration and financial inclusion rapidly, the need for the opening of more bricks and mortar branches, besides the use of bcs, was felt. accordingly, banks have been mandated in the april monetary policy statement to allocate at least 25 % of the total number of branches to be opened during a year to unbanked rural centres. road map for providing banking services in unbanked villages with a population of more than 2, 000 : banks were advised to draw up a road map to provide banking services in every unbanked village having a population of over 2, 000 by march 2012. rbi advised banks that such banking services need not necessarily be extended through a bricks and mortar branch, but could also be provided through any of the various forms of ict - based models. about 73, 000 such unbanked villages were identified and allotted to various banks through state - level bankers ’ committees. financial inclusion plans of banks for three years : rbi advised all public and private sector banks to submit a board - approved, three - year financial inclusion plan ( fip ) starting april 2010. these plans broadly include self - set targets in respect of rural bricks and mortar branches opened ; bcs employed ; coverage of unbanked villages with a population above 2, 000 as also other unbanked villages with population below 2, 000 through branches ; bcs and other modes ; no - frills accounts opened, including through