NSFI 2025-30: Strengthening last-mile access, improving financial services

RBI's NSFI 2025-30 aims to deepen financial inclusion with stronger last-mile delivery, gender-sensitive outreach, expanded BC networks, and pilots of programmable CBDC for targeted credit

The Reserve Bank of India (RBI) has said that under the ‘National Strategy for Financial Inclusion (NSFI) 2025-30’ there will be push to ensure equitable, responsible, suitable, and affordable access to a broad suite of formal financial services-- including savings, payments, remittances, credit, investments, insurance, and pensions-- across all socio-economic and geographic segments.

 

The strategy places strong emphasis on improving the quality, consistency, and effectiveness of last-mile service delivery.

 

The RBI said the new strategy would be supported by enhanced financial literacy initiatives, greater consumer awareness, and stronger customer protection frameworks.

 

It added that the previous NSFI (2019-24) had helped broaden, deepen, and accelerate financial inclusion by expanding access, improving financial literacy, and strengthening consumer protection, thereby contributing to economic well-being and sustainable development.

 

 

With near-universal bank account ownership, significant expansion in physical and digital infrastructure, and improved customer protection over the past decade, the RBI said it is now necessary to adopt a more integrated, ecosystem-driven approach to financial inclusion.

 

The NFSI document, released Monday, has laid down a five-pronged set of strategic objectives or ‘Panch-Jyoti’.

 

It includes improving the availability and usage of equitable and affordable financial services for households and micro enterprises.

 

The other objectives include adopting a gender-sensitive approach to promote women-led financial inclusion and strengthen the resilience of underserved and vulnerable households; creating synergies between livelihood and skill development initiatives and the wider support ecosystem; leveraging financial education to promote financial discipline; and enhancing the quality and reliability of customer protection and grievance redressal mechanisms.

 

The NFSI document has proposed ensuring that every revenue centre has at least one banking outlet -- whether a branch, digital banking unit (DBU), or fixed-point business correspondent (FBC) -- to ensure equitable access across the country.

 

It has also recommended that the Indian Banks’ Association (IBA) work out a fair remuneration structure for business correspondents (BCs) offering banking products and services.

 

Additionally, it has also said that financial service providers need to offer additional or value-added services through well-functioning BCs based on transparent performance criteria and compliance with regulations.

 

Further, it has been suggested to leverage FBC networks to distribute basic mutual fund, pension, and insurance products, subject to regulatory norms.

 

The document has also suggested that programmable Central Bank Digital Currency (CBDC) could be used to facilitate targeted credit flows to underserved groups such as tenant farmers and micro enterprises. It has proposed pilots of programmable CBDC across borrower segments and the exploration of offline functionality to expand access in low-connectivity areas.

 

Further, it has said that to strengthen social security coverage, all banks and insurance companies are to be on-boarded onto the Jansuraksha portal, enabling seamless digital enrolments, policy issuance, and claims processing. Improved transparency and efficiency through the portal are expected to enhance trust and expand coverage, the document said.

 

Further, it has set a medium-term goal of increasing the share of women business correspondents to at least 30 per cent, from the current level of around 15 per cent.

 

Additionally, the document says that financial service providers have been advised to design suitable product baskets -- such as basic mutual fund products and calamity insurance -- for underserved groups.

 

To enhance financial security and resilience, the document recommends developing bundled products across investment, pension, and insurance categories, such as a single insurance product offering life, health, accident, and property coverage.