Financial Inclusion: Indian Initiatives in the Global Perspective
Published By: IOSR Journal of Economics and Finance | Published Date: December , 2013This
comprehensive paper attempts to
critically evaluate the initiatives taken by India through the
Reserve Bank of India in achieving financial inclusion and the efforts made by the Banks and other organs in
India for offering financial services and financial
products as envisaged under the Financial Inclusion Scheme,
on the basis of the objective data derived from the RBI’S reports and other empirical studies. This paper
attempts to
develop an overview of approaches to and trends in Indian Economy
in the Inte
rnational perspective
for achieving Inclusive growth through Financial Inclusion Scheme, to offer access to finance by the poor,
disadvantaged and underprivileged group which is a prerequisite of poverty alleviation on one hand and the
economic growth on t
he other. This paper argues that in the struggle against poverty, the financial inclusion is
a crucial element. This paper pinpoints that the large sections of the rural population have no access to
financial services and their only recourse is to borrow from moneylenders at the exorbitant charges causing
exploitation; and the main reason why the large section of the rural population still remains under below
poverty is financial exclusion, which is proving to be a major obstacle in the path of India’s economic growth. This paper critically addresses all concerned issues involved
in achieving the national objective of achieving the complete financial inclusion. This paper stresses the need of
matured, positive attitude and approach and sound strategy to achieve complete financial inclusion. This paper
also looks at some of the business models and essential elements of profitable models for financial inclusion so
as to increase t
he meaningful and whole hearted participation of the banks in achieving complete financial
inclusion.
Author(s): MM Gandhi | Posted on: May 28, 2018 | Views()