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Essay On Financial Inclusion

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Financial inclusion is the outcome of financial exclusion. 'Financial exclusion ' is a situation where people do not have opportunities and access to grab financial product and services such as banking, credit cards, home insurance, education loan and other essential utilities. Financial illiteracy is the main cause of financial exclusion which proves to be the greatest hindrance for the economic growth of the country. Large sections of the society depend on the private money lenders at immoderate rates to fulfill their financial needs and wants. Even after 60 years of independence, financial facilities through banks, has not been reached to rural segments and disadvantaged and low level income groups. All these had given rise to financial gap and instability among the rural poor 's. Financial exclusion is the cause for poverty where in financial inclusion removes the poverty from the country. Financial inclusion is the integral part of growth process and sustainable development of the country. …show more content…

The Reserve Bank of India set up a commission (Khan Commission) to look into Financial Inclusion. In India, Financial Inclusion first started in April when the Annual Policy statement presented by Y.Venugopal Reddy, Governor, Central Bank of India. Financial inclusion again featured later in 2005 when it was used by the chairman of Indian Banks, Dr. K.C. Chakraborthy. Financial Inclusion aims at access to introduce financial product and services like savings or deposit service, credit facilities, payment and transfer services, insurance and such other essential utilities at reasonable and affordable cost to reduce the financial gap instability and also to face competition to ensure choice and affordability for clients. Financial Inclusion is the delivery of financial services at affordable costs to vast sections of disadvantaged and low level income

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