Simplifying the process for financial inclusion has become the need of the hour to achieve larger objectives, believes Dr Dinesh Tyagi

Financial Inclusion has three basic components, namely, banking, insurance and pension. As part of the Common Service Centres (CSC) schemes, we have created a format for CSC that meets the requirements of all the three components. First is the Banking Correspondent model where we use kiosk technology. Today 12,000 Common Service Centres are using Business Correspondents (BC) to work for all the public sector banks. While in banking industry around 600 crore frauds have been reported, surprisingly not even a single fraud has been reported in these 12,000 centres.

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