inclusive credit : the next milestone 1 ( remarks delivered by shri m. rajeshwar rao, deputy governor, reserve bank of india – on september 08, 2022 - at assocham ’ s 17th annual summit & awards on banking & financial sector lending in mumbai ) ladies and gentlemen, i thank assocham for inviting me to deliver this talk here today. the theme of this summit - “ financial inclusion & future of financial services in india - vision 2030 ” is indeed contextual and relevant given the challenges we face at this juncture. the discussions around the issue at this summit should generate invigorating discussions and productive outcomes during the course of the day. financial inclusion has always been an important policy imperative realising its importance in economic development and social well - being of the populace. we have come a long way in our pursuit for financial inclusion which started with promotion of cooperatives, nationalization of banks, institutionalisation of priority sector lending and lead bank scheme, implementation of bc model and more recently with pradhan mantri jan dhan yojana ( pmjdy ). in this journey, we have adjusted our strategies and policy focus factoring in the changing demographics, economic situation, and social needs. given the wide geographical spread and the need to include large unbanked population, the policy thrust for a long time had been on providing access to basic financial services. it is quite rightly recognised that access to a bank and a bank account is the first step toward broader financial inclusion since it enables people to carry out basic banking functions such as remittances besides acting as a gateway to access other financial services. in this effort, rbi mandated banks to open branches in underbanked pockets which led to a considerable increase in bank branches and later automated teller machines ( atms ) in the 1990s to early 2000s. a roadmap for having banking outlets in villages with population remarks delivered by shri m. rajeshwar rao, deputy governor, reserve bank of india – on september 08, 2022 - at assocham ’ s 17th annual summit & awards on banking & financial sector lending in mumbai. the inputs provided by shri chandan kumar, shri pradeep kumar and shri pramanshu rajput are thankfully acknowledged. more than 2000 ( in 2009 ) and less than 2000 ( in 2012 ) was also prepared. subsequently the banks were advised to open brick and mortar branches in villages with population of more than 5000. to strengthen financial inclusion, the branch authorisation guidelines

. in contrast, the fiscal authorities have conducted themselves with impunity : their only long - term strategy is to pass the bill to our children and grandchildren. reforma is needed i would suggest that reforma is urgently needed in the conduct of fiscal affairs in our nation ’ s capital. and i will leave you with this thought : the power to make that happen is in your hands. you and your fellow citizens across this great country are the ones who elect the people who tax you and decide where to spend your money ; you ultimately direct the nation ’ s fiscal future. and you share in the blame for it being such a mess. accepting the status quo means you are acquiescing to encumbering your children and your children ’ s children with mismanaged fiscal policy, crippling debt and a dismal economic future. look to alejandro junco as an example. he has taken great risk with his person and his family ’ s treasure to take on the status quo. like alejandro did for journalism in mexico, i hope you will step up to the plate, risk whatever personal benefits and comforts you derive from the current regime and use your talents and resources to force a course correction in the fiscal affairs of our nation. for only then can we be assured of a bright and prosperous economic future. and only then can monetary policy, properly conducted, perform with maximum efficiency and minimal risk to price stability to restore the great job - creation potential of america. thank you. about the author richard w. fisher is president and ceo of the federal reserve bank of dallas. notes the views expressed by the author do not necessarily reflect official positions of the federal reserve system. bis central bankers ’ speeches