Financial Inclusion


FI Introduction


Definition :-

Financial Inclusion is the delivery of financial services at affordable cost to vast section of disadvantaged and low income segments of society who are deprived of formal financial system. Financial Inclusion simply stated as “ Everybody having access to financial services”. So it is an approach for increasing out reach of the banking sector in unbanked area, both rural and urban.

Bank's FI Vision :-

With a commitment to reach the un-reached and with a firm corporate belief that even the poor is bankable, financial services to be extended at affordable cost in an on-going basis to improve quality of life of all those who have been hitherto deprived of financial services from formal financial institutions, through various modes such as opening of branches, business correspondents model, installing of bio-metric ATMs, mobile banking van, mobile banking etc.


Bank's FI Mission :-

To cover 5732 villages in  11 districts (i.e.Sitapur, Lakhimpur, Bahraich, Sravasti, Mirzapur, Sonbhadra, Hamirpur,Jalaun,Banda,Chitrakoot and Mahoba) of our service area in Uttar Pradesh by enrolling customers through Bio-Metric Smart Card technology under the projects 'Financial Inclusion' by the year 2015.The bank has started its FIP, by covering first 1135 villages having population of 2000 & more through Business correspondent (BC) model using smart card based on information and communication technology (ICT) and also opening of regular branch and Ultra small branch. It has also procured biometric ATMs for installing in different centers.


Scope :-

The scope of FI is immense. First of all it is a very good business operating for the banks and secondly it is the necessity for making the growth of the country real and inclusive, which can be justified from the fact that in India, almost half of the country is unbanked. India has the highest number of households excluded from banking (about 145 million). Only 55 percent of the population have deposit accounts and 9 percent have credit accounts with banks. About 6 lakh villages in India is having 33,495 rural branches of SCBs including RRBs, There is only one branch per 14,000 people. There is only about 20% of the population has any kind of life insurance and 9.6% of the population has non-life insurance coverage.
The Financial Inclusion of the bank can be turned into reality and will surely achieve its mission through active support and co-operation of all concerns. 

ROADMAP AND ACHIEVEMENT OF FINANCIAL INCLUSION AS UP TO 31.03.2012

Allahabad UP Gramin Bank BC details


BC List of Biswan Region




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