Home Latest News RBI to create Financial Inclusion Fund with Rs 2,000 crore

RBI to create Financial Inclusion Fund with Rs 2,000 crore

The RBI has announced the merger of two different funds to create a new Financial Inclusion Fund- FIF with a corpus of 2,000 crore rupees. In a notification issued in Mumbai, the apex bank said it has decided to merge Financial Inclusion Fund and Financial Inclusion Technology Fund into a single Fund to support ‘developmental and promotional activities’ of banking services. The new Fund will be maintained by the National Bank for Agriculture and Rural Development – NABARD.
RBI said that the objectives of the FIF shall be to support ‘developmental and promotional activities’ including creating of financial inclusion infrastructure across the country, capacity building of stakeholders and creation of awareness to address demand side issues. Another of its major objective would be enhanced investment in Green Information and Communication Technology solution. FIF will also provide support for funding the setting up and operational cost for running Financial Inclusion and Literacy Centres.

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