FINANCIAL INCLUSION - 15 Mints Seminar Notes

FINANCIAL INCLUSION - 15 Mints Seminar Notes

 

DEFINITION:

Financial inclusion means that individuals and businesses have access to use and afford financial products and services that meet their needs- transaction, payments, savings, credit and insurance delivered in a responsible and sustainable way.financial inclusion is an important priority of the government.

 

OBJECTIVE:

Extend financial services to the large hitherto un-served population of the country to unlock the growth potential.

 

FINANCIAL INCLUSION BY RBI:

• Aim is to provide access to formal financial services in an affordable manner, broadening and deepening financial inclusion and promoting financial literacy and consumer protection while the reach of the banks.
• Amongst the ranks of the underserved got a boost through the PMJDY (Pradhan mantri Jan dhan yojana).

FINANCIAL INCLUSION SCHEMES IN INDIA:

PMJDY- pradhana mantri Jan dhan yojana.

APY- atal pension Yojana.

PMVVY- Pradhan mantri vaya vandhana yojana.

Stand up India scheme.

PMMY- Pradhan mantri mudra yojana.

PMSBY- Pradhan mantri suraksha bima yojana.

Sukanya samridhi yojana.

Jeevan suraksha bandhana yojana.

 

FOUR PILLARS OF FINANCIAL INCLUSION:

• Technology.
  
• Women inclusion.
  
• Regulation.
  
• Financial literacy.

 

TOOLS OF FINANCIAL INCLUSION:

Different studies and experts opined that financial inclusion requires provision of access to a range of financial products that goes beyond,

# Micro-credit to include savings .

# Micro-insurance .

# Payment facilities.

# Remittances.

# Money transfer.

# Providing quality financial services at affordable prices.

 

FACTOR AFFECTING FINANCIAL INCLUSION:

# High socio demographics.

# Political factors in the absence of economical development.

# High social .

# Technological and economical factors in the absence of political development,

# Political and economical factors in the absence of social and technological development.

 

WHY FINANCIAL INCLUSION NEEDED IN INDIA?

It helps in overall economic development of underprivileged population.In India financial inclusion is needed for upliftment of the poor and disadvantaged people by providing them the modified financial products and services .

IMPACTS OF FINANCIAL INCLUSION:

• Financial inclusion can encourage financial stability by increasing the intermediate process between saving and investment.
• At macro-level , financial inclusion attracts greater participation from various segments of the economy in to the formal financial system.
  

 

BARRIERS OF FINANCIAL INCLUSION:

• Poverty.
  
• Illiteracy.
  
• Lack of access to financial services.

FINANCIAL INCLUSION 2023:

2021- 53.9%

2022- 56.4% ( increased by 2.5%)

2023- IT will decrease by 2.3% ( expected)

Every year March month SBI will release the financial inclusion percentage. According to that experts says that there will be a downfall of 2.3%.

DID YOU KNOW:

When was the policy of financial inclusion first introduced in India by RBI?

2010-2013.

Who 1st introduced the concept of financial inclusion  in India?

In pondicherry by Dr.k.c.chakra borthy,the chairman of Indian Bank .

 

In which year the concept of financial inclusion introduced?

2005.

 

Which is the first village that started financial inclusion?

Magalam village is the first village in India where all household were provided Banking facilities.

Presented by

 

 

 

 

 

 

 

Swarna

Banking Student 

Magme Medal, Hosur