Banks have sought atleast partial support from RBI to carry on their financial inclusion programs. RBI however says that banks are in comfortable state to bear the cost of financial inclusion.

RBI has said that funding is not an issue but the aim is to have a comfortable and suitable business and delivery model based on information, communication and technology.

"In reality, the truth is that without appropriate technology, they (banks) could not have done it (financial inclusion) even when willing. It is not their willingness but lack of ability to deliver which is coming in the way," RBI Deputy Governor K C Chakrabarty said.

"In reality, the cost can easily be borne by the banks. The overall cost of financial inclusion will not be more than Rs 3,000-4,000 crore per year. State and central governments can obviously provide a helping hand. Thus, the basic problem is not cost or willingness but absence of a business model and an ICT-based delivery model," he said.

"Financial inclusion is no longer a policy choice but a policy compulsion today. And banking is a key driver for inclusive growth," he said.

The regulator has been continually pushing banks to carry forward the aim of achieving total financial inclusion in the country.

"The banks will really have to gear up for implementation of these plans. The numbers look good and if we can successfully execute the plans, India can present a role model to the world," Chakrabarty said.