Daily wage labourers, small traders and self-employed individuals should now have access to formal banking services, courtesy the government’s grand financial inclusion drive. The drive has resulted in 26 companies, including Tata Sons, Aditya Birla Nuvo, Reliance Capital, Bajaj Finserv, L&T Financial Holdings, IFCI and India Post, applying for banking licences. If approved, the new players should be able to help several thousand Indians open bank accounts, while many more small and micro enterprises, entrepreneurs and traders should gain access to capital.
That’s because the Reserve Bank of India has mandated that all the new players must open one branch in rural areas for every four they set in urban areas.
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