Financial Inclusion Importance

1628 Words7 Pages
Role of financial inclusion in enlightening Indian financial system Dr. Vani laturkar and Miss. Jaya Muley School of Management Sciences, Swami Ramanand Teerth Marathawada University, Nanded --------------------------------------------------------------------------------------- Abstract: Now-a-days the topic of financial inclusion is standing as an emerging new model of economic intensification. Financial inclusion is the recent notion which helps to accomplish the sustainable progress of the country, through accessible financial services to the unreached people with the help of financial institutions. Thus it plays a vital role in economic development…show more content…
India has a wide spread banking network and ample financial system. Over the last few years banking industry has show tremendous advancements in its operation in India. Use of Information technology has helped in widening the scope of banking in the country. In spite of all these efforts taken still some part of the country remains untouched from these benefits. Thus we see that on one hand when one part of our country is having access not only to the basic banking facilities but also to advanced and regularly used services like internet and mobile banking, on the other hand a class of underprivileged and low income group people are completely deprived of even the basic banking facilities which is serving as a cause of concern. Thus there is a need now that our center of attention should be mass banking not class banking. Financial inclusion thus serves as a need of this time. Financial inclusion helps in mobilizing the savings of the people which in turn helps in economic development and growth of the country. Along with this it also provides financial literacy among the people and educates them about the costly and untrustworthy financial services provided by the moneylenders or unofficial sources to them. If we strength our rural economy it can become an effective helping hand at the times of economic and monetary crises. Financial Inclusion basically relies on three many points viz. admittance to financial services, consumption of these financial services and also the affordable cost of these services. Recent trends in the international markets have revealed that financial inclusion in the rustic and financially weaker sections of the country are the need of the hour. Extending the financial services to all parts is important as it helps in achieving not only comprehensive growth and

More about Financial Inclusion Importance

Open Document