Content from the Brookings Institution India Center is now archived. After seven years of an impactful partnership, as of September 11, , Brookings India is now the Centre for Social and Economic Progress , an independent public policy institution based in India. This blog post and report were published with 2 sentences on page 6 that lacked proper citation of work originally printed in a report by the Government of India, as well as a sentence on page 7 that was not properly attributed to a publication from CGAP. As of June 9 , both have been updated to include these citations. By making financial services accessible at affordable costs to all individuals and businesses, irrespective of net worth and size, financial inclusion strives to address and offer solutions to the constraints that exclude people from participating in the financial sector. Research shows thatcountries with deeper levels of financial inclusion— defined as access to affordable, appropriate financial services— have stronger GDP growth rates and lower income inequality.
Financial Inclusion - the Scope and Effect in Indian Economy
Financial Inclusion in India: [Essay Example], words GradesFixer
Financial Inclusion means including people of all factions in the economic system of the country. Its main objective is to enable the financial system to reach out to even the remotest area of the country. The United Nations defines the goals of financial inclusion as:. Financial inclusion allows people to access a full range of financial services at a reasonable cost. The financial services may include savings or deposit services, payment, and transfer services, credit and insurance; safe transactions; choice of financial institutions, etc. More than 70 years have gone by since India got Independence. India comprises approximately , villages, but only about 36, villages are said to have Bank access.
Financial inclusion – A requirement for all ages in India (Model Essay)
There have been some recent reports of malpractices with respect to Jan Dhan accounts. In this context, it may be interesting to know the grass-root level challenges that are impacting financial inclusion. In India, where nearly one-fourth of population is illiterate and below the poverty line, ensuring financial inclusion is a challenge. The two indicators, poverty and illiteracy, vary widely between different States in India.