Globally, the adoption of the NFIS have accelerated significantly in the past decade.
The programme leverages on the existing large banking network and technological innovations to provide every household with access to basic financial services, thereby bridging the gap in the coverage of banking facilities.
NFIS has been approved by the Financial Stability Development Council (FSDC).
The document sets forth the vision and key objectives of the financial inclusion policies in India to expand the reach and sustain the efforts through a broad convergence of action involving all the stakeholders in the financial sector, the RBI said.
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