Financial inclusion is the delivery of financial services at affordable costs to sections of disadvantaged and low income segments of society. Financial inclusion is now a common objective for many central banks among the developing nations.
'Major Three Aspects Of Financial Inclusion' Make people to
1. Access financial markets
2. Access credit markets
3. Learn financial matters (financial education)
The Reserve Bank of India has set up a commission (Khan Commission) in 2004 to look into financial inclusion. In 2008 , C Rangarajan Committee.
In India Financial Inclusion first featured in 2005,from a pilot project in UT of Pondicherry. Mangalam Village became the first village in India where all households were provided banking facilities.
In January 2006, the Reserve Bank permitted commercial banks to make use of the services of non-governmental organizations (NGOs/SHGs), micro-finance institutions and other civil society organizations as intermediaries for providing financial and banking services.
Despite heightened focus on financial inclusion, Indian banks still somewhat failed to bring the under- and un-banked into the mainstream banking fold. India has currently the second-highest number of financially excluded households in the world. Approximately, 40% of India s population has bank accounts, and only about 10% have any kind of life insurance cover, while a meager 0.6% have non-life insurance cover.
'Major Three Aspects Of Financial Inclusion' Make people to
1. Access financial markets
2. Access credit markets
3. Learn financial matters (financial education)
The Reserve Bank of India has set up a commission (Khan Commission) in 2004 to look into financial inclusion. In 2008 , C Rangarajan Committee.
In India Financial Inclusion first featured in 2005,from a pilot project in UT of Pondicherry. Mangalam Village became the first village in India where all households were provided banking facilities.
In January 2006, the Reserve Bank permitted commercial banks to make use of the services of non-governmental organizations (NGOs/SHGs), micro-finance institutions and other civil society organizations as intermediaries for providing financial and banking services.
Despite heightened focus on financial inclusion, Indian banks still somewhat failed to bring the under- and un-banked into the mainstream banking fold. India has currently the second-highest number of financially excluded households in the world. Approximately, 40% of India s population has bank accounts, and only about 10% have any kind of life insurance cover, while a meager 0.6% have non-life insurance cover.
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