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BANKING PRODUCT NEED INNOVATION FOR FINANCIAL INCLUSION

In new banking era innovative products and services are essential to provide our customers, generally in indian 80%market is based on rural population.rural market is  vargin market for big market player, in rural  market peoples little amount save and there  need of lending money also small, they need services in affordable cost, so there is very much chances to provide good innovative services to them, in beginning of my career I visited to Krushna Bhima Local area bank in Manvi, Richur Dist. Karnataka that time I very surprise to see "Bank on wheel" concept, in that one small bank branch is setup in one big van, one clerk cum Cashier and officer provides services to rural population by giving them door step services, this mobile banks time fixed to reach every village, and when it reach to village, villagers will enjoy banking services by open a account, FD, RD etc, they could not need to visit bank branch by wasting there time and money.
In early stage they depends upon Money Lender, Gold Smith and Merchant in heavy interest rates.such kind of ideas provide good services to financially excluded people who live in remote areas.
In 2004 RBI appointed Khan committee for Fins this committee suggest two model, one is BC and second is BF.
Businesses correspondence model is  section 25 not for profit company who provide banking services to financially excluded people in behalf of bank through their outlets.
Now a day any registered organisation do this.
Second  is Business Facilitator model were individual like retired, ex service man, post master etc provide services to those people.
Now a days  many NGOs,NBFC, MFIs are working for same purpose but there goal is different they making more and more Gain from Financial inclusion, it reflects to loan dumping,actual purpose was not correct, Not analysis actual condition of borrowers. So in future  that makes big disaster for Financial industry.If there is any chances to change in borrowing rate, good apprisal it help to overcome to our industry, political people also spoil our portfolio indicating those things. If we remember 70% of  crises in past due to bad practices and mindset of making more profit by such Organisation.

---Aniket Kirtiwar