Muthu Veerammal, a 50-year-old lady with agricultural interests, had never used banking services until recently.
A large part of her ‘financial exclusion’ could have been because of the absence of public sector banks in the vicinity of her village — Elanthapatti, a small hamlet about 20 km from Kovilpatti, a municipality in Thoothukudi district of Tamil Nadu.
Most of the 1,400 inhabitants (from 285 households) of this village have never seen a bank branch, nor has any public sector bank tried to reach their doorstep.
The extent of financial exclusion in India can be gauged from the fact that half the country is still unbanked.
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