BANKING CUSTOMERS UTILISATION ON BASIC SAVING BANK DEPOSIT ACCOUNT – A FINANCIAL INCLUSION INITIATIVE (WITH SPECIAL REFERENCE TO COIMBATORE CITY)

D.RAMESH KUMAR

Volume : VII, Issue : IX, September - 2017

BANKING CUSTOMERS UTILISATION ON BASIC SAVING BANK DEPOSIT ACCOUNT – A FINANCIAL INCLUSION INITIATIVE (WITH SPECIAL REFERENCE TO COIMBATORE CITY)

D. Ramesh Kumar

Abstract :

Even 60 years of independence a large section of Indian population still remain unbanked only 40 per cent of the population across the country have bank accounts and this ratio is much lower in the north–eastern part of the country. To include this excluded people in to the banking services the financial inclusion concept is introduced by RBI in the end of 2005. Financial inclusion is the delivery of financial services at an affordable cost to vast sections of the disadvantaged and low income groups. To include this weaker section of the society to the banking services they introduce the no frill account. This account feature is the people can open their account with nil balance. In 2012 the banks change their nomenclature as Basic Saving Bank Deposit Account. As per RBI report 398.1 million BSBD account has openened throughout India . This paper is to analyse how this account has utilised by the account holder in the Coimbatore city.