In order to have a planned and structured approach to financial  inclusion, banks have been advised by RBI to put in place financial inclusion plans (FIPs) consisting of achievements against several parameters3. Substantial progress has been made with respect to these parameters, details of which are given in the Reserve Bank’s Annual Report released in May 2021. 7.
Financial products that assembled and securitized such subprime mortgages were sold as attractive investment products to investors around the world. In that process, financial institutions gained massive profits. The reason that everybody could enjoy such a banquet was the assumption that U.S. housing prices would continue to rise. Once that assumption collapsed, everything was reversed.