Way forward

♤ With the high deposits in the banks, the Government must nudge the banks to offer much- needed loan products to the account holders. Allowing them to build up a credit and transaction history in the banking system is critical to wean them away from the grip of informal money lenders.

♤ The Centre and the RBI also need to make sure that the first-time adopters are treated well at bank branches, know the grievance redressal mechanisms and are aware of, and protected from, the consequences of fraud or misuse of their accounts.

♤ The policy focus should shift from the quantity of inclusion to the quality of inclusion. The measure of success of the scheme should include clearly-defined targets for usage and transactions.

♤ Launching massive campaign programmes among the poor households focusing on improving the level of financial literacy and education can help them recognize the benefits they can avail under the scheme and the responsibilities associated with it.

♤ It is recommended that internet connectivity and speed should be increased in tribal and hilly areas so that the ease of doing banking transactions can be entertained.