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Globalisation Essay

655 words - 3 pages

The Alliance for Financial Inclusion (AFI) is global network of financial policymakers from developing and emerging countries working together to increase access to appropriate financial services for the poor. The organization was formed in 2008 as a Bill & Melinda Gates funded project. Between 2008 and 2013 AFI grew to include 100 policy making institutions from the developing and emerging world.[1] AFI hosts its landmark, annual Global Policy Forum (GPF) as the keystone event for its membership. During the 2011 GPF, the network adopted the Maya Declaration, a set of common principles and goals for financial inclusion policy development. AFI uses a "polylateral development" model to ...view middle of the document...

In January 2006, the Reserve Bank permitted commercial banks to make use of the services of non-governmental organizations (NGOs/SHGs), micro-finance institutions, and other civil society organizations as intermediaries for providing financial and banking services. These intermediaries could be used as business facilitators or business correspondents by commercial banks. The bank asked the commercial banks in different regions to start a 100% financial inclusion campaign on a pilot basis. As a result of the campaign, states or union territories like Puducherry, Himachal Pradesh and Kerala announced 100% financial inclusion in all their districts. Reserve Bank of India’s vision for 2020 is to open nearly 600 million new customers' accounts and service them through a variety of channels by leveraging on IT. However, illiteracy and the low income savings and lack of bank branches in rural areas continue to be a roadblock to financial inclusion in many states and there is inadequate legal and financial structure.
In India,...

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