Towards this end, the banks have been advised to prepare Financial Inclusion Plans (FIPs) containing self-determined targets on various parameters to be achieved during the FIP period, with the approval from their respective Boards,. The first phase of FIPs was implemented over the period 2010–2013 and the second phase of FIPs has been finalized and is under implementation.
The Reserve Bank has used the FIPs to gauge the performance of banks under their FI initiatives. For this purpose, a structured and comprehensive monitoring mechanism has been put in place for evaluating banks’ performance vis-à-vis their planned targets.