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“Simplicity and reliability of financial inclusion in India, though not a cure for all, can be a way of liberating the poor from dependence on differently delivered public services and from venal politicians” said Dr. Raghuram Rajan, Former RBI Governor. Sri Y. Venugopal Reddy is the person who used the term financial inclusion was first time, then Governor of RBI in the annual policy statement in 2005. Since then it has created a buzz during the budget sessions or otherwise in the years to come. The wheel of responsibility was assigned to the banks especially those in the public sector to carry out the campaign on a pilot basis. However, the low literacy rate and low economic income continue to be a roadblock to financial inclusion. Further, the mindset of banks about ‘No Frill Account’ being not cost effective was another hurdle. To overcome this challenge, the Government introduced the Pradhanmantri Jan Dhan Yojana (PMJDY) in 2014 which provided the necessary administrative push to open the accounts coupled with making Aadhar Card the single document as proof of identity/ address.

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