Measures for Achieving Financial Inclusion in India and Its Inclusive Growthiosrjce
Financial Inclusion is the first and foremost policy option to fulfil social and financial needs across
the country. The primary responsibility, in any country, is providing financial services to vulnerable groups to
improve their standard of living. “Fifty six percent of adults in the world do not have access to formal financial
services” (Oya Pinar Ardic, 2011), whereas “in India 89.3 million farmers i.e., 72.7% of total population, are
excluded from formal sources of finance” (KabitaKumariSahu, 2013). The Reserve Bank of India directed
commercial banks to promote financial inclusion in India which in turn results in the development of
economically backward areas. Rajan&Zingales, (1998) indicates that “there is a positive relationship between
financial developments with growth in banking industry through financial inclusion”. Leeladhar, (2006) states
that liberalization of banking services at an affordable cost to vast sections of disadvantaged and low-income
groups is essential for sustainable growth of an economy. As per the directions of RBI, all commercial banks
have been taking assistance from various social and financial entities like Joint Liability Groups, Non-Banking
Finance Companies (NBFC), Self-help groups, co-operative Banks, and Regional Rural Banks (RRBs) to
improve financial inclusion.“Financial inclusion is a very important, complementary and incremental approach
for inclusive development and poverty reduction” (Michael Chibba, 2009).The main objective of the study is to
know the status of financial inclusion in India and to give appropriate suggestions for inclusive growth of an
economy.
A Little World: Facilitating Safe and Efficient M-Banking in Rural IndiaAshley Metz
The initiative is led by a private sector organization, A Little World (ALW) and its sister entity, a non-profit organization, ZERO Microfinance and Savings Support Foundation (ZMF). ALW and ZMF act as intermediaries between rural communities at one end, and mainstream financial institutions and the government at the other end. ALW offers a secure, low‐cost technology driven delivery platform for financial services through special mobile phones that store and help manage a vast amount of customer bank account data, authenticates account holders through photo and biometric identification and allows access to the bank accounts as Point of Service terminals. Since its pilot project in 2006, ALW and ZMF have rapidly grown and are now present in 22 states, with over four million rural customers, 8,314 points of presence and an average of 25,000 new account openings every day.
Perceptions of People from Economically Backward Section towards Financial In...iosrjce
Financial Inclusion aims to provide the financial services to the people from economically backward
section of the society. The objective is to assist them in their economic improvement and achieve the sustainable
growth. In this study, an effort has been made to examine the views of the people from economically backward
sectionregarding the important aspects of financial inclusion. Views of 53 respondents are analyzed. ChiSquare,
nonparametric statistical technique, has been used to examine whether the views of the different
categories of the respondents about the important aspects of financial inclusiondiffer. Based on the views of the
respondents we found that bank employees are encouraging people from economically weaker sections to open
their accounts and people also found these accounts useful. Respondents are also of the view that education
level, income level, age and period of association of the account holder with the bank directly affects the quality
of services rendered. To further enhance the utility of the scheme and ensure its success, there is a need to
provide training to bank staff so that the quality of services rendered is not differentiated between different
categories of customers. Further, whereas this study pertains to the views of the economically weaker section,
there is a need to examine the views of bankers also, so that this scheme can be made more useful.
Financial Inclusion in India – A Road Map towards Growth of Initiatives and A...iosrjce
Finance has become an essential part of an economy for development of the society as well as
economy of nation. For, this purpose a strong financial system is required in not only in under-developed
countries and developing countries but also developed countries for sustainable growth. Through Financial
inclusion we can achieve equitable and inclusive growth of the nation. Financial inclusion stands for delivery of
appropriate financial services at an affordable cost, on timely basis to vulnerable groups such as low income
groups and weaker section who lack access to even the most basic banking services. In this paper, the
researcher attempts to understand financial inclusion and its importance for overall development of society and
Nation’s economy. This study focuses on approaches adopted by various Indian banks towards achieving the
ultimate goal of financial inclusion for inclusive growth in India and analyses of past years progress and
achievements. The relevant data for this study has been collected with the help of from various Research
journals, Articles, reports of RBI, reports of NABARD and online resources
Measures for Achieving Financial Inclusion in India and Its Inclusive Growthiosrjce
Financial Inclusion is the first and foremost policy option to fulfil social and financial needs across
the country. The primary responsibility, in any country, is providing financial services to vulnerable groups to
improve their standard of living. “Fifty six percent of adults in the world do not have access to formal financial
services” (Oya Pinar Ardic, 2011), whereas “in India 89.3 million farmers i.e., 72.7% of total population, are
excluded from formal sources of finance” (KabitaKumariSahu, 2013). The Reserve Bank of India directed
commercial banks to promote financial inclusion in India which in turn results in the development of
economically backward areas. Rajan&Zingales, (1998) indicates that “there is a positive relationship between
financial developments with growth in banking industry through financial inclusion”. Leeladhar, (2006) states
that liberalization of banking services at an affordable cost to vast sections of disadvantaged and low-income
groups is essential for sustainable growth of an economy. As per the directions of RBI, all commercial banks
have been taking assistance from various social and financial entities like Joint Liability Groups, Non-Banking
Finance Companies (NBFC), Self-help groups, co-operative Banks, and Regional Rural Banks (RRBs) to
improve financial inclusion.“Financial inclusion is a very important, complementary and incremental approach
for inclusive development and poverty reduction” (Michael Chibba, 2009).The main objective of the study is to
know the status of financial inclusion in India and to give appropriate suggestions for inclusive growth of an
economy.
A Little World: Facilitating Safe and Efficient M-Banking in Rural IndiaAshley Metz
The initiative is led by a private sector organization, A Little World (ALW) and its sister entity, a non-profit organization, ZERO Microfinance and Savings Support Foundation (ZMF). ALW and ZMF act as intermediaries between rural communities at one end, and mainstream financial institutions and the government at the other end. ALW offers a secure, low‐cost technology driven delivery platform for financial services through special mobile phones that store and help manage a vast amount of customer bank account data, authenticates account holders through photo and biometric identification and allows access to the bank accounts as Point of Service terminals. Since its pilot project in 2006, ALW and ZMF have rapidly grown and are now present in 22 states, with over four million rural customers, 8,314 points of presence and an average of 25,000 new account openings every day.
Perceptions of People from Economically Backward Section towards Financial In...iosrjce
Financial Inclusion aims to provide the financial services to the people from economically backward
section of the society. The objective is to assist them in their economic improvement and achieve the sustainable
growth. In this study, an effort has been made to examine the views of the people from economically backward
sectionregarding the important aspects of financial inclusion. Views of 53 respondents are analyzed. ChiSquare,
nonparametric statistical technique, has been used to examine whether the views of the different
categories of the respondents about the important aspects of financial inclusiondiffer. Based on the views of the
respondents we found that bank employees are encouraging people from economically weaker sections to open
their accounts and people also found these accounts useful. Respondents are also of the view that education
level, income level, age and period of association of the account holder with the bank directly affects the quality
of services rendered. To further enhance the utility of the scheme and ensure its success, there is a need to
provide training to bank staff so that the quality of services rendered is not differentiated between different
categories of customers. Further, whereas this study pertains to the views of the economically weaker section,
there is a need to examine the views of bankers also, so that this scheme can be made more useful.
Financial Inclusion in India – A Road Map towards Growth of Initiatives and A...iosrjce
Finance has become an essential part of an economy for development of the society as well as
economy of nation. For, this purpose a strong financial system is required in not only in under-developed
countries and developing countries but also developed countries for sustainable growth. Through Financial
inclusion we can achieve equitable and inclusive growth of the nation. Financial inclusion stands for delivery of
appropriate financial services at an affordable cost, on timely basis to vulnerable groups such as low income
groups and weaker section who lack access to even the most basic banking services. In this paper, the
researcher attempts to understand financial inclusion and its importance for overall development of society and
Nation’s economy. This study focuses on approaches adopted by various Indian banks towards achieving the
ultimate goal of financial inclusion for inclusive growth in India and analyses of past years progress and
achievements. The relevant data for this study has been collected with the help of from various Research
journals, Articles, reports of RBI, reports of NABARD and online resources
Implementing the aspects of financial inclusion in the phase of demonetisatio...IJLT EMAS
The concept of ‘financial inclusion’ was introduced by
the reserve bank of India in April 2005 with an objective of
delivering financial services to the economically challenged and
underdeveloped segment of the society at an affordable rate. RBI
encouraged the formal banking sector as well as the microfinance
sector to provide soft loans and savings facilities especially to the
poor with a flexible documentation process to attract them under
the umbrella of RBI. This will not only improve the financial
stake of the low-income group of the country, but also ensure
them a safe investment and will increase the portfolio size of the
bank and NBFCs. In 2014, The Government of India announced
‘Pradhan Mantri Jan Dhan Yojna” to expand the financial
inclusion project by bringing more people under banking and
banking spread sector. On 8th November 2016, Mr Narendra
Modi, Prime minister of India ceased 500 and 1000 rupee notes
as legal tender which can be termed as demonetization. Although
the immediate mission was to eradicate black money, fake money
and terror financing; it can be considered as a way forward to
the ‘Jan Dhan Yojna” and hence can be used as a strategy
instrument of imposing financial inclusion across the country.
This paper examines the advantages and disadvantages of
demonetization in implementing financial inclusion in India. In
spite of the fact that demonetization will force the people to make
their transaction through bank and NBFCs , there are serious
challenges like the liquidity crunch of the cash based segment of
the economy, the bank and digital literacy issues etc. In this
paper the challenging issues have been addressed as well as the
bottleneck of financial inclusion in post-demonetization period
has been discussed by identifying the crucial parameters like
percentage of people having bank account, the percentage of
people uses mobile and /or internet, the literacy percentage of the
country, the policy of the banks, the documentation requirement
of the bank and feasibility of the poor section etc.
“Financial Inclusion in SHG-bank Linkage Model under SGSY with special refere...iosrjce
Financial Inclusion is a very big challenge to banking sector. Till now most of the banking facilities
are not reaching to deprive. Micro financing through SHGs is a vital weapon for poverty eradication. But due to
lack of uniformity it is not complete its target efficiently. In this paper try to focus on the financial inclusion in
SHGs-Bank Linkage Programme under SGSY scheme in Jhansi district. SBLP is the banking link with poors to
uplift their socio-economoc, health, nutrition, insurance, saving, education aspects. It is an attempt to clarify
how much this programme reach to beneficiaries of SHGs.
The present study differs from previous studies as it is focused its basic cause for reduction in quality numbers
of SHGs come out after complete all stages. Further, this paper tries to access the grass root issues relating to
SHGs and the normal course in decrease the number of SHGs at last stage in the study area. The study is
undertaken in four development blocks of jhansi Districts of Uttar Pradesh during 2009-13. It is observed that
due to fast growing of the SHG-bank linkage programme, quality credit linked SHG has not cover all stages of
the programme.. Some of the factors affecting the decline of SHGs are the target oriented approach of the
government in preparing group, inadequate incentive to NGO’s for nurturing their groups etc.
The State of Financial Inclusion – An Overview and AdvancementIJLT EMAS
Financial Inclusion is delivery of banking services at an affordable cost to the vast sections of disadvantaged and low income groups. The main focus of financial inclusion in India is to promote sustainable development and generating employment in rural areas for the rural population. In India, few households have access to banking services. There are many factors affecting access to financial services by weaker section of society in India. Several steps have been taken by the Reserve Bank of India and the Government to bring the financially excluded people to the fold of the formal banking services. Financial Access Survey for 2016 released by International Monetary Fund (IMF) shows that in India there only 13 commercial bank branches per 1,00,000 individuals. PM Jan Dhan Yojna (PMJDY) was highly successful in opening bank accounts in which more than 97% of the accounts were opened with the public banks, but around 72% of these accounts show 'zero balances'. More than 1 crore bank accounts have been opened under PMJDY. However, despite the opening of such accounts, access has been lower. Access to banking is an important indicator of the level of financial inclusion in the country. India's urban and semi-urban region performs fairly well, however rural region is still underdeveloped in banking. Digital India campaign recently launched schemes like MUDRA, startup India, PMJDY, initiation of new banks like payment banks, PSL certificates trading etc. are in the right direction. With government moving towards DBT for subsidies financial inclusion becomes very critical. Focus should shift to increase coverage, reach of services and ease of availing credit.
Indian agriculture sector experiences vicious circle of poverty which decelerate economic growth. Financial exclusion is one of the main reason of it. In India marginals and weaker sections are excluded from main stream of the economy. To achieve sustainable development, all sections of the people need to be come into main stream. This study is an attempt to understand the concept of financial inclusion, financial inclusion in India and micro finance. RBI defines “Financial Inclusion is the process of ensuring access to appropriate financial products and services needed by all sections of the society in general and vulnerable groups such as weaker sections and low income groups in particular at an affordable cost in a fair and transparent manner by mainstream institutional players”. The present study also tries to understand how micro finance lending facilitates the acceleration of financial inclusion. Micro finance lending is a strong weapon of financial inclusion. Micro credit provided by banks emerged as a major policy tool of financial assistance in the rural credit, particularly to the poor sections of the society. Micro finance by providing small loans and savings facilities to those who have been excluded from other formal services, acting as a key strategy for reducing poverty and discrimination.
Inclusive development means empowerment of weaker sections, SC/STs and women. In this context “financial inclusion “ owns its significance.
FINANCIAL INCLUSION IN INDIA: A ROAD MAP TOWARDS FUTURE GROWTHIAEME Publication
Financial inclusion is an innovative concept which makes alternative techniques to promote the banking habits of the people. However for attaining the objectives of inclusive growth there is a need for resources, and for resource generation and mobilization financial inclusion is required. It plays a very crucial role in the process of economic growth. Financial inclusion stands for delivery of appropriate financial services at an affordable cost, on timely basis to vulnerable groups such as low income groups and weaker section who lack access to even the most basic banking services
Research Inventy : International Journal of Engineering and Scienceresearchinventy
Research Inventy : International Journal of Engineering and Science is published by the group of young academic and industrial researchers with 12 Issues per year. It is an online as well as print version open access journal that provides rapid publication (monthly) of articles in all areas of the subject such as: civil, mechanical, chemical, electronic and computer engineering as well as production and information technology. The Journal welcomes the submission of manuscripts that meet the general criteria of significance and scientific excellence. Papers will be published by rapid process within 20 days after acceptance and peer review process takes only 7 days. All articles published in Research Inventy will be peer-reviewed.
Implementing the aspects of financial inclusion in the phase of demonetisatio...IJLT EMAS
The concept of ‘financial inclusion’ was introduced by
the reserve bank of India in April 2005 with an objective of
delivering financial services to the economically challenged and
underdeveloped segment of the society at an affordable rate. RBI
encouraged the formal banking sector as well as the microfinance
sector to provide soft loans and savings facilities especially to the
poor with a flexible documentation process to attract them under
the umbrella of RBI. This will not only improve the financial
stake of the low-income group of the country, but also ensure
them a safe investment and will increase the portfolio size of the
bank and NBFCs. In 2014, The Government of India announced
‘Pradhan Mantri Jan Dhan Yojna” to expand the financial
inclusion project by bringing more people under banking and
banking spread sector. On 8th November 2016, Mr Narendra
Modi, Prime minister of India ceased 500 and 1000 rupee notes
as legal tender which can be termed as demonetization. Although
the immediate mission was to eradicate black money, fake money
and terror financing; it can be considered as a way forward to
the ‘Jan Dhan Yojna” and hence can be used as a strategy
instrument of imposing financial inclusion across the country.
This paper examines the advantages and disadvantages of
demonetization in implementing financial inclusion in India. In
spite of the fact that demonetization will force the people to make
their transaction through bank and NBFCs , there are serious
challenges like the liquidity crunch of the cash based segment of
the economy, the bank and digital literacy issues etc. In this
paper the challenging issues have been addressed as well as the
bottleneck of financial inclusion in post-demonetization period
has been discussed by identifying the crucial parameters like
percentage of people having bank account, the percentage of
people uses mobile and /or internet, the literacy percentage of the
country, the policy of the banks, the documentation requirement
of the bank and feasibility of the poor section etc.
“Financial Inclusion in SHG-bank Linkage Model under SGSY with special refere...iosrjce
Financial Inclusion is a very big challenge to banking sector. Till now most of the banking facilities
are not reaching to deprive. Micro financing through SHGs is a vital weapon for poverty eradication. But due to
lack of uniformity it is not complete its target efficiently. In this paper try to focus on the financial inclusion in
SHGs-Bank Linkage Programme under SGSY scheme in Jhansi district. SBLP is the banking link with poors to
uplift their socio-economoc, health, nutrition, insurance, saving, education aspects. It is an attempt to clarify
how much this programme reach to beneficiaries of SHGs.
The present study differs from previous studies as it is focused its basic cause for reduction in quality numbers
of SHGs come out after complete all stages. Further, this paper tries to access the grass root issues relating to
SHGs and the normal course in decrease the number of SHGs at last stage in the study area. The study is
undertaken in four development blocks of jhansi Districts of Uttar Pradesh during 2009-13. It is observed that
due to fast growing of the SHG-bank linkage programme, quality credit linked SHG has not cover all stages of
the programme.. Some of the factors affecting the decline of SHGs are the target oriented approach of the
government in preparing group, inadequate incentive to NGO’s for nurturing their groups etc.
The State of Financial Inclusion – An Overview and AdvancementIJLT EMAS
Financial Inclusion is delivery of banking services at an affordable cost to the vast sections of disadvantaged and low income groups. The main focus of financial inclusion in India is to promote sustainable development and generating employment in rural areas for the rural population. In India, few households have access to banking services. There are many factors affecting access to financial services by weaker section of society in India. Several steps have been taken by the Reserve Bank of India and the Government to bring the financially excluded people to the fold of the formal banking services. Financial Access Survey for 2016 released by International Monetary Fund (IMF) shows that in India there only 13 commercial bank branches per 1,00,000 individuals. PM Jan Dhan Yojna (PMJDY) was highly successful in opening bank accounts in which more than 97% of the accounts were opened with the public banks, but around 72% of these accounts show 'zero balances'. More than 1 crore bank accounts have been opened under PMJDY. However, despite the opening of such accounts, access has been lower. Access to banking is an important indicator of the level of financial inclusion in the country. India's urban and semi-urban region performs fairly well, however rural region is still underdeveloped in banking. Digital India campaign recently launched schemes like MUDRA, startup India, PMJDY, initiation of new banks like payment banks, PSL certificates trading etc. are in the right direction. With government moving towards DBT for subsidies financial inclusion becomes very critical. Focus should shift to increase coverage, reach of services and ease of availing credit.
Indian agriculture sector experiences vicious circle of poverty which decelerate economic growth. Financial exclusion is one of the main reason of it. In India marginals and weaker sections are excluded from main stream of the economy. To achieve sustainable development, all sections of the people need to be come into main stream. This study is an attempt to understand the concept of financial inclusion, financial inclusion in India and micro finance. RBI defines “Financial Inclusion is the process of ensuring access to appropriate financial products and services needed by all sections of the society in general and vulnerable groups such as weaker sections and low income groups in particular at an affordable cost in a fair and transparent manner by mainstream institutional players”. The present study also tries to understand how micro finance lending facilitates the acceleration of financial inclusion. Micro finance lending is a strong weapon of financial inclusion. Micro credit provided by banks emerged as a major policy tool of financial assistance in the rural credit, particularly to the poor sections of the society. Micro finance by providing small loans and savings facilities to those who have been excluded from other formal services, acting as a key strategy for reducing poverty and discrimination.
Inclusive development means empowerment of weaker sections, SC/STs and women. In this context “financial inclusion “ owns its significance.
FINANCIAL INCLUSION IN INDIA: A ROAD MAP TOWARDS FUTURE GROWTHIAEME Publication
Financial inclusion is an innovative concept which makes alternative techniques to promote the banking habits of the people. However for attaining the objectives of inclusive growth there is a need for resources, and for resource generation and mobilization financial inclusion is required. It plays a very crucial role in the process of economic growth. Financial inclusion stands for delivery of appropriate financial services at an affordable cost, on timely basis to vulnerable groups such as low income groups and weaker section who lack access to even the most basic banking services
Research Inventy : International Journal of Engineering and Scienceresearchinventy
Research Inventy : International Journal of Engineering and Science is published by the group of young academic and industrial researchers with 12 Issues per year. It is an online as well as print version open access journal that provides rapid publication (monthly) of articles in all areas of the subject such as: civil, mechanical, chemical, electronic and computer engineering as well as production and information technology. The Journal welcomes the submission of manuscripts that meet the general criteria of significance and scientific excellence. Papers will be published by rapid process within 20 days after acceptance and peer review process takes only 7 days. All articles published in Research Inventy will be peer-reviewed.
EMERGING TRENDS IN BANKING SECTOR – A COMPARATIVE STUDY FROM FINANCIAL INCLUS...IAEME Publication
Financial inclusion of the entire population is an important vehicle for development in a country The number of financially excluded people in a developing country like India is much higher than many developed countries in spite of the several initiatives taken by the Government of India for the rising middle class in the towns and villages investment in banking products is not a default choice. A preliminary investigation has been carried outin one such district in India pertaining to the banking products. The study is exploratory and analytical in nature. The main objective is to study the present scenario in banking.
IOSR Journal of Business and Management (IOSR-JBM) is an open access international journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Financial inclusion is a powerful enabler of inclusive economic growth. Studies show that access to finance and financial services empowers people in many ways -- they are better able to start and expand businesses, invest in education, manage risk, and absorb financial shocks. It also helps help reduce income inequality and thereby accelerate economic growth.
A Study of the Role of Financial Inclusion in Womens Empowermentijtsrd
inancial inclusion is an important policy measure used by various policymakers around the world to eradicate poverty, unemployment, and promote economic growth. Financial inclusion is defined as the process of providing easy and affordable financial services to the weaker and disadvantaged segments of society, particularly the backward classes, women, and children. Many studies show that financial inclusion plays an important role in promoting womens empowerment. Womens empowerment is a recent priority issue in developing economies, owing to the fact that women hold fewer salaried jobs. Womens empowerment refers to the process by which women can make their own decisions about what is best for them. It is a freedom of choice. Women may benefit from financial inclusion. In recent years, the Government of India has implemented a number of schemes aimed specifically at women, with the goal of providing them with social dignity and earning opportunities. Many schemes aim to financially include women so that they can have control over their finances and have additional assets on their accounts. The current article discusses the role of financial inclusion in womens empowerment and the various schemes implemented by the government to make women financially included. The study is entirely based on secondary data, which was gathered from various articles, journals, government websites, financial inclusion surveys, and other sources. According to the article, financial inclusion benefits womens economic empowerment. Pooja Bahuguna "A Study of the Role of Financial Inclusion in Women's Empowerment" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-4, August 2023, URL: https://www.ijtsrd.com/papers/ijtsrd59624.pdf Paper Url:https://www.ijtsrd.com/economics/financial-economics/59624/a-study-of-the-role-of-financial-inclusion-in-womens-empowerment/pooja-bahuguna
India with 300 million people still living below the poverty line needs measures to uplift the status of these people. Financial inclusion and provision of micro credit to poor households has been one of such programmes which gained popularity with many benefits. Financial inclusion is the delivery of banking services at an affordable cost to the vast sections of disadvantaged and low income groups. Only 49% of the farmer households in rural India are having transactions with banks which suggests the fact that 51% are excluded from financial assistance. Micro Finance programmes have become one of the more promising ways of providing developmental finance to achieve the objectives of poverty eradication. One of the most important models of micro finance models is the development of Self Help Groups to achieve the long cherished objective of rural development and poverty alleviation. Through this paper it is proposed to evaluate the contribution of micro finance programmes especially Self Help Groups to the achievement of inclusive growth. This paper also includes two cases of SHGs working in Hyderabad and Nizamabad of Andhra Pradesh to project the reasons for success/ failure of the groups.
Public sector banks performance and contribution on pradhan mantri jan dhan y...RAVICHANDIRANG
Indian government and RBI are trying for so many years to bring all the people in the ambit
of banking. To achieve this objective, Prime Minister Narendra Modi announced “Pradhan Mantri Jan
Dhan Yojana” on the eve of 68th Independence Day to reduce financial untouchability by including
millions of people in the financial mainstream and targeted to open 7.5 crore bank accounts till 26th
January 2015. By joining hands with the people at the ‘bottom of the pyramid’, this programme will
give a new height to our economy. In the due course of time the plan is to also cover these account
holders with insurance and pension products. About 60% of the population in India does not have
access to a bank account. The urban population of financially excluded category mainly comprises
low income groups like urban labourers, slum dwellers of the cities and socially excluded
communities. This paper focuses on public sector banks’ performance and contribution towards in
Pradhan Mantri Jan Dhan Yojana in India.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
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Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
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Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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Overview of Financial Inclusion in India
C. Paramasivan
Assistant Professor, PG & Research Department of Commerce
Periyar EVR College, Trichy, Tamil Nadu
V. Ganeshkumar
Research Scholar, PG & Research Department of Commerce
Periyar EVR College, Trichy, Tamil Nadu
Abstract
Inclusive growth is possible only through proper mechanism which channelizes all the
resources from top to bottom. Financial inclusion is an innovative concept which makes
alternative techniques to promote the banking habits of the rural people because, India is
considered as largest rural people consist in the world. Financial inclusion is aimed at
providing banking and financial services to all people in a fair, transparent and equitable
manner at affordable cost. Households with low income often lack access to bank account and
have to spend time and money for multiple visits to avail the banking services, be it opening a
savings bank account or availing a loan, these families find it more difficult to save and to plan
financially for the future. This paper is an attempt to discuss the overview of financial
inclusion in India.
Key Words: Financial Inclusion, Reserve Bank, Inclusive Growth, Financial services.
Introduction
Financial inclusion is the recent concept which helps achieve the sustainable
development of the country, through available financial services to the unreached people with
the help of financial institutions. Financial inclusion can be defined as easy access to formal
financial services or systems and their usage by all members of the economy. The committee
on financial inclusion, of government of India, has defined financial inclusion as the process of
ensuring timely access to financial services and adequate credit where needed by vulnerable
groups such as the weaker sections and low income groups at an affordable cost (Rangarajan
Committee, 2008). The process of financial inclusion consists of ensuring bank accounts to
each household and offering their inclusion in the banking system (Reddy, 2007). Access to
financial services promotes social inclusion, and builds self-confidence and empowerment. In
an address Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India at the National
Finance Conclave 2010, has mentioned that financial inclusion is no longer a policy choice but
it is a policy compulsion today. And banking is a key driver for inclusive growth.
There are various socio-cultural, economic issues that hinder the process of financial
inclusion. For instance on demand side, it includes lack of awareness and illiteracy (see Throat,
2007). From supply side, lack of avenues for investment such as poor bank penetration,
unwillingness of banks to do financial inclusion or high cost involved in financial inclusion
seem to be some likely reasons for financial exclusion. However deputy governor of RBI has
recently clarified that the latter two reasons are myths, i.e. the cost in involved in financial
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inclusion is not unbearable by the banks and that it is not true that the banks are unwilling to do
financial inclusion (see Chakrabarty (2010)).
Financial Inclusion in India
The Reserve Bank of India setup a commission (Khan Commission) in 2004 to look
into Financial Inclusion and the recommendations of the commission were incorporated into
the Mid-term review of the policy (2005-06). In the report RBI exhorted the banks with a view
of achieving greater Financial Inclusion to make available a basic "no-frills" banking account.
In India, Financial Inclusion first featured in 2005, when it was introduced, that, too,
from a pilot project in UT of Pondicherry, by Dr. K. C. Chakraborthy, the chairman of Indian
Bank. Mangalam Village became the first village in India where all households were provided
banking facilities.
In addition to this KYC (Know your Customer) norms were relaxed for people
intending to open accounts with annual deposits of less than Rs. 50, 000. General Credit Cards
(GCC) were issued to the poor and the disadvantaged with a view to help them access easy
credit. 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.
These intermediaries could be used as business facilitators (BF) or business
correspondents (BC) by commercial banks. The bank asked the commercial banks in different
regions to start a 100% Financial Inclusion campaign on a pilot basis. As a result of the
campaign states or U.T.s like Pondicherry, Himachal Pradesh and Kerala have announced
100% financial inclusion in all their districts. Reserve Bank of India’s vision for 2020 is to
open nearly 600 million new customers' accounts and service them through a variety of
channels by leveraging on IT. However, illiteracy and the low income savings and lack of bank
branches in rural areas continue to be a road block to financial inclusion in many states. Apart
from this there are certain in Current model which is followed. There is inadequate legal and
financial structure. India being a mostly agrarian economy hardly has schemes which lend for
agriculture. Along with Microfinance we need to focus on Micro insurance too.
Review of Literature
Joseph Massey (2010) said that, role of financial institutions in a developing country is
vital in promoting financial inclusion. The efforts of the government to promote financial
inclusion and deepening can be further enhanced by the pro-activeness on the part of capital
market players including financial institutions. Financial institutions have a very crucial and a
wider role to play in fostering financial inclusion. National and international forum have
recognized this and efforts are seen on domestic and global levels to encourage the financial
institutions to take up larger responsibilities in including the financially excluded lot.
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Mandira Sarma and Jesim Paise (2008) suggest that the issue of financial inclusion is a
development policy priority in many countries. Using the index of financial inclusion
developed in levels of human development and financial inclusion in a country move closely
with each other, although a few exceptions exist. Among socio-economic factors, as expected,
income is positively associated with the level of financial inclusion. Further physical and
electronic connectivity and information availability, indicated by road network, telephone and
internet usage, also play positive role in enhancing financial inclusion.
Michael Chibba (2009) noted that Financial Inclusion is an inclusive development and
Poverty Reduction strategy that manifests itself as part of the emerging FI-PR-MDG nexus.
However, given the current global crises, the need to scale-up Financial Inclusion is now
perhaps more important as a complementary and incremental approach to work towards
meeting the MDGs than at any other time in recent history.
Oya Pinar Ardic et al (2011) explained that using the financial access database by
CGAP and the World Bank group, this paper counts the number of unbanked adults around the
world, analyses the state of access to deposit and loan services as well as the extent of retail
networks, and discusses the state of financial inclusion mandates around the world. The
findings indicate that there is yet much to be done in the financial inclusion arena. Fifty-six
percent of adults in the world do not have access to formal financial services.
Table 1 reveals that the out of per 0.1 million adults coverage in nine countries
(including in India). Maximum no of 43.11 branches in France, 250.29 no of ATMs in Korea,
467.97 bank credit in UK, 427.29 bank deposit in UK. India has 10.91 no of branches in
seventh place, 5.44 no of ATMs in ninth place, 43.62 bank credit in fifth place, 60.11 bank
deposit in third place compare with other nine countries. As a whole India position compare
with other countries in moderate level.
Table 1: India’s Position Compared with Other Countries
(Per 0.1 Million Adults) (As per cent of GDP)
Sl.
No.
Country Number of
Branches
Number of
ATMs
Bank Credit Bank Deposits
1 India 10.91 5.44 43.62 60.11
2 Austria 11.81 48.16 35.26 32.57
3 Brazil 13.76 120.62 29.04 47.51
4 France 43.11 110.07 56.03 39.15
5 Mexico 15.22 47.28 16.19 20.91
6 UK 25.51 64.58 467.97 427.49
7 US 35.74 173.75 46.04 53.14
8 Korea 18.63 250.29 84.17 74.51
9 Philippines 7.69 14.88 27.57 53.02
Source: World Bank, Financial Access Survey (2010).
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Table 2: Progress of Financial Inclusion Plan as on March 31, 2012
Sl.
No.
Banking Outlets Amount
1 Rural Branches 24,701
2 BC outlets 1,20,355
3 Other modes 2,478
4 Total 1,47,534
5 Total number of ‘No frill accounts’ 103.21 million
6 Operations in NFA (2011-12) (Increase of 39.6%)
7 Outstanding balance Rs. 932.89 billion
8 Overdrafts Rs.3.39 billion
9 Transactions through ICT based BC outlets (2011-12) 119.77 million
10 KCC credit Rs. 2.15 million
11 GCC credit Rs. 0.22 million
Source: World Bank, Financial Access Survey 2012.
There are 24,701 rural branches, 1, 20,355 BC outlets, 2,478 other modes, 1, 47,534
total, 103.21 million total of ‘No frill accounts’, Increase of 39.6 per cent operation in NFA
(2011-2012) Rs 932.89 billion outstanding balance, Rs 3.39 billion overdrafts, 119.77 million
transactions through ICT based BC outlets, Rs 2.15 million KCC credit, Rs 0.22 million GCC
credit were recorded as on March 31 2012.
Table 3: Coverage of Banking Services in India
Sl.
No.
Region Current
Account
Savings
Account
Total
Population
Total no. of
Accounts
Total no. of
Accounts (%)
1 North 4215701 52416125 32676462 56631826 17.65
2 North East 476603 6891081 38495089 7367684 2.3
3 East 1814219 47876140 227613073 49690359 15.48
4 Central 2202217 64254189 255713495 66456406 20.71
5 West 3178102 49525101 149071747 52703203 16.42
6 South 4666014 83386898 223445381 88052912 27.44
All India 16552856 304349534 1027015247 320902390 100
Sources: National Sample Survey Organisation (2012).
Table 3 indicates that, out of 32902390 total current account and savings account of
banking services in All India. 27.44 per cent of total account in South India, 20.71 per cent of
total account in Central India, 17.65 per cent of total account in North India, 16.42 per cent of
total account in West India, 15.48 per cent of total account East India, 2.3 per cent of total
account in North East India. So, it is concluded that, the maximum no of 27.44 per cent of total
account in South India.
Recommendations
1. Banking technology has progressed fast enough and more importantly the realization
that the poor is bankable has arrived. Various immediate measures which government
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of India should implement or which are under implementations but should be executed
in a more effective manner are
2. Strengthen agency banking micro finance institutions, business facilitators and business
correspondents. Our very old post offices will be an ideal channel to pursue the future
long term goals of agency banking especially in rural India.
3. Achieve synergies between the technology providers and banking channels to expand
reach. Application developers will be required to synergize core banking with micro
financial applications.
4. Have interest rate ceilings specified for NGO/MFI for they tend to charge higher rates
of interest in a sugar coated form. These legalities can be introduced once an NGO/MFI
enters into partnership with a bank.
Conclusion
Branch density in a state measures the opportunity for financial inclusion in India.
Literacy is a prerequisite for creating investment awareness, and hence intuitively it seems to
be a key tool for financial inclusion. But the above observations imply that literacy alone
cannot guarantee high level financial inclusion in a state. Branch density has significant impact
on financial inclusion. It is not possible to achieve financial inclusion only by creating
investment awareness, without significantly improving the investment opportunities in an
India.
Reference
1. Anshul Agarwal. (2010). Financial Inclusion: Challenges & Opportunities. Skoch Summit, pp
5-6.
2. Joseph Massey. (2010). Role of Financial Institutions in Financial Inclusion, FICCI’s Banking
& Finance Journal
3. Mandira Sarma and Jesim Pais. (2008). Financial Inclusion and Development: A Cross Country
Analysis, Indian Council for Research on International Economic Relations, pp 1-28.
4. Michael Chibba. 2009. Financial Inclusion, Poverty Reduction and the millennium
Development Goals, European Journal of Development Research Vol. 21,
5. Oya Pinar Ardic Maximilien Heimann Nataliya Mylenko. (2011). Access to Financial Services
and the Financial Inclusion Agenda Around the World, The World Bank, pp 1-17.
6. Santanu Dutta and Pinky Dutta. (2009). The effect of literacy and bank penetration on Financial
Inclusion in India: A statistical analysis. Tezpur University, pp 1-4.