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With reference to the editorial “Expanding financial inclusion” (Business Line, September 20), the concept has been defined as a strategy to ensure access to financial services and provide credit to the vulnerable weaker sections of society.

The banks, especially the public sector ones, have been asked to open no-frills savings accounts to introduce the concept of financial services to the poorer sections.

Aversion of banks to extend small value credit to the weaker sections due to higher transaction costs is a hindering factor.

The real financial inclusion will, therefore, be ensured when these account holders are provided with jobs without which the passbook will only be a showpiece.

P. Esakki Muthu Mumbai

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