The maximum tariff rate has declined from 225 percent in 1990-1 to 25 percent; the average tariff rate stands at just 11 percent compared to 65 percent a decade ago. The number of duty slabs has also been reduced to four. Quantitative import restrictions have already been eliminated except those relating to security, health, public morals, religious and cultural concerns.
Social banking can, through financial literacy initiatives, generate awareness among the poor about financial products and their utility. Banks can also contribute towards making the poor creditworthy through training and counselling programmes. Let me now briefly discuss the social banking initiatives in India.