what are the recent plan of government to expand formal sector
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Government initiated certain strategies to expand formal source of credit in India as follows:
Increased credit flow towards agricultural sector through the policy of doubling the agricultural credit method in 3 years (2004-05)Expanded the outreach of the banking services through banking no-frills account with low or zero minimum balances and low or zero charges (2005). Regional rural bank allowed limited overdraft facilities in no-frills account without any collateral security.National Agricultural Insurance Scheme (NAIS) is implemented since Rabi 1999-2000 season to provide insurance coverage and financial support to the farmersGovernment of India & NABARD - Rural Infrastructure Development Fund, Micro Finance Innovations, Kisan Credit Card Schemes, Refinance under Swarnajayanti Gram Swarozgar Yojna (SGSY) and Co-operative Development Fund.
Increased credit flow towards agricultural sector through the policy of doubling the agricultural credit method in 3 years (2004-05)Expanded the outreach of the banking services through banking no-frills account with low or zero minimum balances and low or zero charges (2005). Regional rural bank allowed limited overdraft facilities in no-frills account without any collateral security.National Agricultural Insurance Scheme (NAIS) is implemented since Rabi 1999-2000 season to provide insurance coverage and financial support to the farmersGovernment of India & NABARD - Rural Infrastructure Development Fund, Micro Finance Innovations, Kisan Credit Card Schemes, Refinance under Swarnajayanti Gram Swarozgar Yojna (SGSY) and Co-operative Development Fund.
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