Regulators team up for financial inclusion

An inter-regulatory coordination group, plus an outside group of experts is busy creating the plan

Banks, insurance companies, mutual funds and pension funds will now chip in to create a common strategy to further the government’s financial inclusion agenda in a targeted manner and based on a customer’s need.

A national strategy for financial inclusion is almost ready and soon all financial entities would be directed to coordinate with each other to introduce products step by step. They might even have to customise offerings based on the financial inclusion journey of a customer, Reserve Bank of India Deputy Governor S S Mundra told Business Standard in an interview.

But before that, the financial institutions would put their