BIS Review 54/2007  3  The GFD of all States declined from 4.7 per cent of GDP in 1999-2000 to 2.7 per cent of GDP in 200607, while the RD came down from 2.7 per cent of GDP to 0.1 per cent of GDP. Most States have also enacted fiscal responsibility legislations.
  About 4904 lakh transactions have been carried out in ICT based accounts through BCs during the three year period  16. It is important to analyse this progress against the some disconcerting trends that were noticed in the run up to the structured Financial Inclusion initiatives that the banks launched since 2010 onwards.