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image  INTRODUCTION TO FINANCIAL INCLUSION


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Definition :-

The literary meaning of Financial Inclusion (FI) can be simply stated as access of Banking and Financial Products / Services to all citizens in general and vulnerable and weaker sections in particular but at an affordable cost. The Idea is to open a bank account in his/her name wherein he/she can avail of all the possible financial products / services as per the need.

Bank's FI Vision :-

With a commitment to reach the un-reached and with a firm corporate belief that even the poor is bankable, financial services to be extended at affordable cost in an on-going basis to improve quality of life of all those who have been hitherto deprived of financial services from formal financial institutions.

Bank's FI Mission :-

An integrated approach to delivery of Banking, Insurance and Pension Services through Branches and Branchless Banking Model to each household and members of 18396 villages and also through 5407 SSAs allotted to bank. Bank also aims to provide BC Services in non SSA areas in Metro, Urban, Semi Urban and Rural areas apart from Urban Wards and provide basic banking services from Kiosk / Fixed Location Bank Mitr / Branches.

Scope :-

Union Bank of India has encompassed 2.1 million customers under the Bio-Metric Smart Card technology just within 2 years of the start of its FI drive. It signifies that the FI vision of the bank can be turned into a reality and it will surely achieve its mission overcoming all obstacles in its path of just not growing the bank but making 'growth inclusive' and development of the 'Common Man of India'. It covers all 18396 villages spanned in 5407 SSAs and 2581 Urban Wards of the country as a whole.

 

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