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More than 70% of our population lives in the rural areas, 33% of total poor lives in India, More than 50% of total population doesn’t have any bank accounts. Access to finance by the poor and vulnerable groups is being considered as a strategy for poverty reduction, employment, economic growth and social cohesion. Further access to finance will empower the vulnerable groups by giving them an opportunity to access various financial services.
Financial inclusion is thus a process of ensuring access to appropriate financial products and services needed by all section of society in general and vulnerable groups such as weaker sections and low income groups in particular, at an affordable cost and in a fair and transparent manner by regulated mainstream institutional players. The concept of financial inclusion implies dismantling of barriers which inhibit a person from participating in financial system. Various barriers include lack of legal identity of deprived, inadequate motivation to participate, access and utility related issues.
Financial inclusion according to UN includes Access at a reasonable cost for all households to a full range of financial services, including savings or deposit services, payment and transfer services, credit and insurance; Sound and safe institutions governed by clear regulation and industry performance standards; Financial and institutional sustainability, to ensure continuity and certainty of investment; and Competition to ensure choice and affordability for clients.
Financial inclusion is a critical for achieving inclusive growth in the country. It can help in reducing the growth of informal sources of credit (such as money lenders), which are often found to be exploitative. An inclusive financial system facilitates efficient allocation of productive resources and thus can potentially reduce the cost of capital. This system enhances efficiency and welfare by providing avenues for secure and safe saving practices and by facilitating a whole range of efficient financial services like easy day to – day management of finances, safe money transfer etc.
The Govt. of India as well as the banking industry has recognized this imperative and has undergone fundamental changes over the last two decades. Both are working on strengthening the both aspect of financial inclusion: Demand side and Supply side.
On Demand side financial literacy, credit counseling, easy access to banking product, other facilities are being given,
While on the supply side more infrastructure, services, formation of new product depending on the market are being provided.
By: Parveen bansal ProfileResourcesReport error
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