Financial inclusion: Improving last mile delivery in India

Abstract

For over half a century, successive Governments have announced schemes and created institutions to further the cause of financial inclusion in India. Yet, 40-60% of Indians, depending on which region one is talking about, continue to be unbanked and lack access to banking and financial services (Dr. K.C. Chakrabarthy, November 2012). The authors studied the condition of banking infrastructure and personnel at the ground level and investigated consumer preferences. Based on this, they make a pitch highlighting the importance of physical presence, rethinking and differentiating financial instruments for the masses, raising remuneration and living standards of Business Correspondents and strengthening financial literacy at the ground level.