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Short Essay On Financial Inclusion

1275 Words6 Pages

Introduction
Financial Inclusion - An Overview

Financial inclusion is not a new concept, in fact it’s importance is being emphasized upon lately. According to the Committee on Financial Inclusion, Chairman: Dr. C. Rangarajan: "Financial inclusion may be defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost."
It aims at drawing the “unbanked” population into the formal financial system so that they have the opportunity to access financial services ranging from savings, payments, and transfers to credit and insurance. Noted Nobel laureate in Economics, Amartya Sen stated that poverty is the absence of capability and ability to participate in the nation’s decision making, rather than just a lack of money. Not only should people have access to basic financial services but should also actively use them. A modern and a globalized economy cannot be successful unless it is inclusive.(Bihari ,2011)
Studies show that there has been some concrete progress towards financial inclusion in the world during the past decades. The World Bank had organized a conference in March 2007 and had …show more content…

For instance, keeping in mind that India being an agrarian economy, out of the total farmer households, only 27 percent has an access to formal sources of credit; overall, 73 percent of farmer households have no access to formal sources of credit. Also, almost 20 percent of these marginalised people believe that the distance to the bank and infrastructural facility is the key player for the absence of these people from the financial market. Across the world, of the 2.5 billion excluded or marginalised people, 1.7 billion people have one thing in common, i.e. a mobile connection. (Committee on Financial Inclusion, IDBI Gilts Ltd,

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