The Reserve Bank of India has directed all banks to maintain "no-frills accounts" - a bank account at zero balance - for 100% fi nancial inclusion so as to include all households under the ambit of the formal fi nancial sector. This study conducted in 2008 in Hooghly district of West Bengal reveals that the scheme has been largely unsuccessful in the fi nancial inclusion of excluded categories such as the scheduled castes, scheduled tribes, Other Backward Classes and those who are less educated. The survey revealed that this scheme is ill-targeted and the benefi ts are reaped by the higher classes of society.