Financial Inclusion Fund (FIF) Created by RBI


The RBI in October 2015  announced creation of a new Financial Inclusion Fund with a corpus of Rs 2,000 crore to support 'developmental and promotional activities' for expanding reach of banking services.  After completion of initial five years, RBI said it has now been decided to merge both the Financial Inclusion Fund and Financial Inclusion Technology Fund into a single Fund -- Financial Inclusion Fund (FIF). 

The new FIF will be administered by the reconstituted Advisory Board constituted by government and will be maintained by NABARD. Institutions eligible for the fund are banks and NABARD.
Creation of FI infrastructure across the country , capacity building of stakeholders , creation  of awareness to address demand side issues , promote investment in green Investment and communication technology( ICT) solution, research and transfer of technology are included in its objective. In short it will support “developmental and promotional activities”.
Under this, Government will support for funding the setting up and operational cost for running financial inclusion and literacy centers. The aim of this programme will be carries out by these centers would be as follows:
1.     Availing financial training to all individuals/ household of the area.
2.     Provide counseling services for opening of banks accounts.
3.     Rectification of customer grievances by attending the customer complaints.
4.     Centers will also facilitate training to BCs regarding various banking and other financial products (including technology).
This Financial Inclusion Fund (FIF) is not for normal banking or business activities.

Friday, 11th Mar 2016, 11:20:35 AM

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