India's financial services ecosystem lags in terms of physical infrastructure and has failed to reach the poor, with more than 19 per cent of the population unbanked or financially excluded, says a report.The Assocham-EY joint study said however, the government and the Reserve Bank of India have made several concentrated efforts to promote financial inclusion.

These efforts include launch of co-operative banks and regional rural banks, introduction of mandated priority sector lending targets, formation of self-help groups, appointment of business correspondents by banks to provide door-step delivery of banking services, Assocham said.

"These initiatives helped to bring in a large section of the unbanked population under the formal financial credit system. However, a significant portion of India's population still remains devoid of access to basic formal credit facilities mainly due to lack of last mile connectivity," the chamber said.