To the extent that financial inclusion has a broader import, government then took the initiative, as recommended by Dr Rangarajan’s Committee, and the major instrument was the National Bank for Agriculture and Rural Development (NABARD). Currently, India’s financial inclusion policy encompasses several objectives, several institutions and several financial products, and the central bank is the major instrument of national policy.
The intellectual origins of the current policy may be traced to the Nachiket Mor Committee, while a massive policy thrust was given by the Prime Minister in 2014. The national government has galvanised the RBI, the regulator, the public sector banking system, and disbursements by governments. So the RBI now appears to be the lead agency in the implementation of financial inclusion policy.