Financial Inclusion Plan of banks – We have encouraged banks to adopt a structured and planned approach to financial inclusion with commitment at the highest levels,  BIS central bankers’ speeches  3  through preparation of Board approved Financial Inclusion Plans (FIPs). The first phase of FIPs was implemented over the period 2010–2013.
One illustration of this change in behaviour is the large increase in balances held in mortgage offset accounts and redraw facilities. In aggregate, households now have balances in these accounts equivalent to 17 per cent of total outstanding housing loans, which is a buffer worth 2½ years of scheduled repayments at current interest rates (Graph 6).