Simultaneously, a number of initiatives such as incentivisation of branch authorisation scheme for banks to open branches in unbanked centres, simplification of Know Your Customer (KYC) norms, technological interventions and financial literacy-oriented programmes to increase awareness have been taken.
While the initial impact of these initiatives has been positive, it has created a huge potential for expansion in banking business once the level of activity is scaled up and government social benefit transfers increasingly take place through the banking sector. While we have our own data source to gauge financial inclusion, the Census of India provides useful information on access to banking.