Banking Awareness Study Material
Financial Inclusion
Financial inclusion is the delivery of financial services at affordable costs to the poorer and low income segments of the society. It is the process of ensuring access to the financial services at an affordable cost to the weaker sections and low income groups of the society. Financial inclusion is now the common goal for many central banks among the developing nations.
In India, a vast majority does not have access to basic financial and banking services, depriving them of the benefits of growth and development of the economy. Through financial inclusion these deprived sections are sought to be covered by empowering them with basic bank accounts for savings, credit and remittances. They would then be able to participate in the overall development of the economy. Financial inclusion thus implies financial stability for a country.
No comments:
Post a Comment