With the cloud over Aadhar based unique identity being cleared, the pilots sponsored by the Reserve Bank for remittance related cash-outs using pre-paid instruments are expected to gather momentum and could turn out to be a major initiative in financial inclusion without the necessity of having bank accounts. 16.
Since 2010, commercial banks have adopted Board-approved Financial Inclusion Plans (FIPs) containing self-set targets for financial inclusion for a span of three years. The first span of three years ending 2013 has been quite encouraging. Taking the process further, banks have been advised to draw up a 3-year FIP for the next three-year period, of which one year is already behind us.