Mr Chidambaram pointed out that many sections have been denied credit for many years, and as bankers, "we are collectively responsible for that situation," he said. In a developing country, micro and small enterprises have an important role to play as they also provide with a lot of jobs like the SMEs, he added.

Speaking on the importance of this credit, Mr Chidambaram said that it is the most important part of the economy. Rural and semi-rural Indians are sustained by these enterprises. In the absence of appropriate credit, there is little opportunity for growth, not to speak of sustainable growth.

Among other things, the code is expected to increase transparency by banks as it calls for making available information about interest rates and other charges, timing for disbursal of loans and other services. Banks should stand by the promises that they make in the code and render the services as promised. The work of the board will not end until financial inclusion has reached every citizen, he concluded.