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AISECT Financial Inclusion Group (FIG)

Financial Inclusion aims to extend hassle free Savings and loan facilities and other Banking services at an affordable cost to the underprivileged and unbanked population. Financial Inclusion is delive of Banking services at an affordable cost to the vast sections of the disadvantaged arynd low income groups. Unstrained access to public goods and services is the sine qua non of an open and efficient society. As the Banking services are in the nature of public good, it is essential that availability of banking and payment services to the entire population without discrimination is the prime objective of the public policy.


  • Twin objective of ensuring greater Financial Inclusion and increasing the outreach of the Bank combined with the need to substantially increase the market share in the rural and semi urban areas.

  • To provide comprehensive financial services to the underprivileged encompassing Savings, Credit, Remittance, Insurance and Pension products in a cost effective manner, particularly in untapped/ unbanked areas.

  • To improve process efficiencies and reduce transaction costs by providing linkages between the existing net work of the banks and the informal and formal agencies engaged with the poor, by adopting technology based solutions.

  • To achieve the above objectives , Reserve bank of India came out with a set of guidelines in January 2006 allowing the banks to appoint Business correspondents ( BC ) and Business facilitators ( BF ) to expend their outreach in the rural areas.


The Business Facilitator model envisages the use of identified institutional agents/ organizations and other entities for supporting the Banks in extending financial services operating from different locations away from the Bank branches. These services involve the conduct of banking business by Business Correspondents. These includes:

  • Opening of no frill deposit accounts.Collection and payment of small value deposits and withdrawals not exceeding rs.10000/- in each case.

  • Receipts and delivery of small value remittances not exceeding Rs. 10000/- in each case.

  • Furnishing of mini account statement and other information relating to account.


NGOs/SHGs/Farmer’s clubs/ functional Cooperatives/ community based organizations/ IT enabled riral outlets of corporate entities/ Well functioning Panchayats/ Rural Multipurpose Kiosks/ Village Knowledge Centers/ Agri clinics/Agri Business Centers/ Krishi Vigyan Kendras/KVIC/KVIB units/Post Offices/ Insurance Agents/ Social organizations etc.


The Business facilitator model envisages the use of intermediate entities/ individuals to provide support services for non financial services of the Bank. These services are not intended to involve the conduct of banking business by the Business Facilitators and thus include the following:

  • To conduct only non financial business activities i.e. no cash transactions / handling.

  • To identify the potential customers and activities. Collection and preliminary processing of loan applications/account opening forms for deposits including verification of primary information /data.

  • Cross selling of financial products like insurance/ mutual fund products and pension products. Assisting in post monitoring and follow up for recovery.


State Bank of India has been assigned the job of ensuring 100% financial inclusion in the state of Madhya Pradesh and Chhattisgarh. State Bank of India has joined hands with All India Society for Electronics and Computer Technology ( AISECT ) Bhopal by appointing them as their Business Correspondent and Business facilitator for the state of Madhya Pradesh & Chhattisgarh.

AISECT has installed Rural Banking Kiosks at 382 places in both these states. In the first phase only such of the places were selected for setting up Banking Kiosk which have AISECT CSC centre. Now with the greater emphasis given by Govt. of India for achieving 100% financial Inclusion within a specified time frame, even the villages having a population of 2000 are being selected for setting up Banking Kiosk. AISECT has also selected 205 Channel Partners and appointed them as Business Facilitator. AISECT has been able to do a business of around Rs. 36.72 crore under BC and BF model within a very short period and expect to double the turnover very shortly.

State Bank of India and AISECT combine had started certain new technology based solutions to extend their outreach at the doorstep of the ultimate beneficiary of the Financial Inclusion endeavors. On 2nd October 2010 two mobile vans have started their operations in the district of Hoshangabad and Teekamgarh in Madhya Pradesh. These mobile vans are fitted with ATM and Kiosk banking mechanism and will take a round of the villages in these districts on a appointed date to provide banking services to their clients. The number of such mobile vans will be increased soon to cover more districts of M.P. & C.G.

A sizeable numbers of persons migrate to bigger towns in search of employment leaving their families in the villages. Such persons quite frequently require to send money to support their families and they chose the most traditional method to send their remittances in a time consuming and costly manner. To overcome hardships of such persons , we have started first urban banking Kiosk in Bhopal on 08.10.10 which is totally dedicated to provide cash remittance. Subsequently such remittance outlets started functioning at Raipur, Jabalpur and Gwalior also .


Financial inclusion is not a one time effort; it is an ongoing process. It is a huge project which requires concerted and team efforts from all the stake holders- the government, financial Institutions, the regulators, the private sector and community at large. From the sporadic attempts of today dispersed across the nation, it should gather momentum and grow in geometric proportions and develop into a focused and effective movement. If this is to be achieved, it requires passionate involvement, dedication and commitment of all stake holders. The role of the technology in the whole scenarios cannot be undermined either. It has to be admitted that today, more than even before, technology plays a vital role in bringing about integration in society of all social and economic classes. Accessibility, affordability, appropriateness and benefits determine how deep financial inclusion penetrates the social fabric of the village.

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