Bouquet of financial products In the absence of banks a large number of informal intermediaries had mushroomed, mostly in the rural areas, which were acting as proxy to the banks. Such unregulated entities were in the business of extending only credit products that too at exorbitant rates of interest mostly to the illiterate section of the population.
This had resulted in huge indebtedness amongst the poor people. With our renewed efforts under financial inclusion we have now advised banks to ensure that all the financial needs of the customers are met by offering, at the minimum, four basic products to customers, viz.