Finance minister, Pranab Mukherjee has urged for faster penetration of banks in rural areas as a move to quicken up financial inclusion. Even though there are constant measures being taken by the government in aid with Reserve Bank of India to bring down cost of intermediaries, the ministry feels a lot is still left to be done.

At a meeting with bankers and financial services providers regarding pre budget consultation, Mukherjee said the Indian banking industry could wade out safely from the global economic crisis because the government of India is in constant process to see that global standards are lying in sync with local conditions and adapted well.

"However, the cost of banking intermediaries in India is high and bank penetration is limited to only a few customer segments and geographies. The government is trying to address this in collaboration with the RBI, but much more is needed to be done," he said.

He stressed on the importance of financial inclusion as a measure of uplifting the standards of the economy by empowering the under and unprivileged.