Acting on recommendations of the Committee on Financial Inclusion, the Finance Minister Shri P. Chidambaram while presenting the Budget 2007-08 today, proposed to establish a Financial Inclusion Fund with NABARD for meeting the cost of developmental and promotion interventions, and a Financial Inclusion Technology Fund to meet the costs of technology adoption. Each fund will have an overall corpus of Rs.500 crore, with initial funding to be contributed by the Central Bank, RBI and NABARD, Shri Chidambaram informed.
Financial inclusion is the process of ensuring access to timely and adequate credit and financial services by vulnerable groups at an affordable cost.
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(Release ID :25198)