bottom of the pyramid ” may not be possible or viable, but as various studies reveal, even the relatively low margins on high volumes can be a profitable proposition. in semi - urban and rural areas, there are a number of unbanked and under banked districts inhabited by people like artisans, migrant labour, small businessmen, retailers etc., who find it difficult to join the formal financial sector and make use of various opportunities. it is highly desirable on social as well as economic grounds that members of this class are brought into the banking fold and the ucbs can certainly take a lead in this. ucbs should design their business model to be self - supporting initially, and profitable in the long run. they should integrate their financial inclusion plan into their annual business plans. ucbs should give wide publicity to their services to connect with large population segments. it is also important to keep in mind that the service provided should be at an affordable cost and in this regard, technology will play a big part. with the wide reach of mobiles, mobile banking as an avenue for furthering financial inclusion has to be explored. adoption of appropriate and effective technology, therefore, could be the key for financial inclusion efforts to succeed. bis central bankers ’ speeches conclusion the current policy of inclusive growth with financial stability cannot be achieved without ensuring universal financial inclusion. though the efforts for universalisation of financial inclusion are already underway, there are a number of challenges in this endeavour going forward with about 480000 villages yet to be provided with banking services. the financial inclusion for the underprivileged will lead to host of downstream opportunities such as jobs for the participants to work as bcs at remote villages, technology providers etc., not to speak of the huge economic growth the financial inclusion measures trigger. banks need to perceive financial inclusion as a profitable business model and not as an obligation. this would be possible only if banks strive towards offering more and more credit products to customers captured as part of the financial inclusion plan and lower transaction cost by leveraging technology. the key is to establish an appropriate business delivery model through the involvement of all stakeholders to make financial inclusion a reality. with regard to financial education, it is crucial to harness the power of women. just as it is said that a woman getting educated would educate the family, a woman being financially literate and included, would pave way for inclusion of all members in the family. given that levels of general and financial literacy are fairly low among women, the effort should

current landscape, it is possible to expedite financial inclusion process by leveraging the flexibility provided by the multiple tech - led models for delivering a wide range of financial services. i am confident that the conference will throw up ideas which will enable the vibrant growth of the industry, while managing the challenges and addressing some of the key concerns which i have tried to highlight. from the regulatory side, we would look to foster the growth of the sector guided by the ultimate objective of financial inclusion and customer protection while providing a level playing field. 25. let me conclude by wishing you all a very productive set of discussions over the course of the conference. thank you. 5 / 5 bis central bankers'speeches