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Thus, financial inclusion is an explicit strategy for accelerated economic growth and is considered to be critical for achieving inclusive growth in the country.
ICT based Business Correspondent (BC) Model for low cost door step banking services in remote villages . RBI Board approved Financial Inclusion Plans (FIPs) of banks for 3 years, starting April 2010 . Roadmap to cover villages of above 2000 population by march 2012 Availability of minimum four banking products through ICT model has been ensured Mandatory opening of 25 % of new branches in unbanked rural centers. KYC documentation requirements significantly simplified for small account Guidelines for convergence between Electronic Benefit Transfer and FIP have been issued. Pricing for banks totally freed . Interest rates on advances totally deregulated.