Importance Of Financial Inclusion

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Its a growing concern that 65% of India’s population is unbanked. Over the years many measures have been taken to alter the statistics and to be able to provide inclusivity and a better standard of living for the masses. Traditionally, financial inclusions is described as “ the delivery of financial services at affordable costs to vast sections of disadvantaged and low income groups “ Whereas this paper explores inclusion as a broader concept of financial planning and saving which makes it important to keep in mind that financial inclusion does not restrict itself to credit : it includes financial knowledge, about banks and banking channels; and the advantages of using the same. Inspite of the many initiatives that the Reserve Bank of India …show more content…
Which means to have a basic knowledge and understanding of financial matters, It would extend itself to better decision making in areas of personal finance, real estate, insurance, savings etc. But in crude terms it reflects on the money that an individual have and how can he plan it better, and what role does bank play in it. While a lot of experimentation has been done in the realm of expanding financial literacy, it is difficult to point to one standardised method or approach that works best in all scenarios with all kinds of demographics. Also, India’s diversity in terms of language, caste, culture etc makes it challenging to come up with design of a product or a service that ‘fits all’ sections of the …show more content…
The first one (1960-1990) focussed at providing credit/ services to the neglected section of the society. The second phase (1990-2005) aimed towards facilitating collective decision making by the poor and provide them with door-step banking. During this phase Self Help Groups were introduced in the 1990’s, its also the time of introduction off Kisaan Credit Cards for providing credit to the farmers in easier and more effective ways, Since they form a large part of the rural India. But, it is only during the third phase (2005 onwards) that financial inclusion was made a policy objective, and by 2008, Dr. C Rangarajan observed that financial inclusion must be taken up in a mission mode and suggested a National Mission on Financial Inclusion (NMFI). Which is why over the past few years policies and systems have been designed to move towards an exclusive india. Almost a year ago, Mr. Narendra Modi announced the Pradhan Mantri Jan-Dhan Yojana (PMJDY) - “Mera khata bhagya Vidhata “ where he promises the masses that “ aache din aayenge”. He says “I am happy to launch this booklet as a part of Pradhan Mantri Jan-Dhan Yojana. nclusive Growth – “Sab Ka Sath SabKa Vikas” is central to our development philosophy. This Mission would enable all households, urban and rural to gain easy and universal access to financial services. Exclusion from the banking
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