India has achieved rapid penetration of banking services in recent years, and we continue to appreciate this achievement. However, over 20% of India does not have access to financial services. India also has a major workforce in the global gig economy with a 24% share of the online labor market; 50% of the workforce is part of the unorganized agriculture sector. This means a huge number of the adult population is either unbanked or underbanked and is suitable for targeted financial inclusion efforts.
The annual policy statement issued by the RBI for the year 2005–2006 was monumental in its importance. The significance of this statement comes from the fact that it ushered in a new word into the banking lexicon: “financial inclusion.” The term gained considerable attention over the years as it contained within it the seed of one of the most crucial problems that are hindering holistic economic growth in India.
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