The Indian National Congress (INC) spokesperson and MLA of Haryana Randeep Surjewala on Sunday said that financial exclusion is the norm of the Bharatiya Janata Party (BJP) government. Surjewala posted an image of a media report over the Internal Working Group (IWG) findings on his Twitter handle. This statement from Surjewala comes after the Reserve Bank of India (RBI) on September 13 released the IWG reports which revealed that lakhs of farmers are yet to be registered under the banking system.

Surjewala's tweet

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RBI's IWG report

The RBI's IWG reports states that only 49.90 percent of Single-Mode Optical Fiber (SMF) was covered by the scheduled commercial banks (SCBs), despite several efforts and schemes aimed at financial inclusion was introduced in the country. The reports have also raised concerns over SMF seeking funds outside the banking system. The cause of concern raised in the reports was that approximately 30 percent of agricultural households is still availing credit from non-institutional sources.

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RBI To Further Cut Rates In Next Month's Monetary Policy Review

The Reserve Bank of India is expected to go for a further rate cut in the next month's monetary policy review as inflation is expected to pan out in line with the Central Bank's projection, experts say. According to global as well as domestic brokerages, moderating inflation, and a negative output gap are likely to open the door for an accommodative monetary policy. According to official data, retail inflation inched up marginally to 3.21 percent in August from 3.15 percent in July, mainly due to costlier food items. India's industrial production growth slowed to 4.3 percent in July, dragged mainly by the manufacturing sector's poor show.

(Inputs from ANI)

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