Initiatives For Financial Inclusion Of India - 2000 Words

INITIATIVES FOR FINANCIAL INCLUSION IN INDIA Dr. DilipChellani and Dr. Ramamurthy N Introduction: For the first time, the Eleventh Five Year Plan (2007-12) envisaged inclusive growth as a key objective as well as a strategy for economic development. Financial inclusion (FI) can therefore be very well called as 21st century banking. Its main aim is to extend the banking and financial services to every persons (or class of people), Projects (activities in various sectors) and places/parts (rural/semi urban or urban area) of the country. According to 2011 Census of India, out of the total 121 crorepopulation, rural India population is around 83.3 crores (nearly 70%) with round 2/3rd of total rural population is dependent upon agriculture as source of income and livelihood. We have 6.27 lakh villages with 99.7% of total rural population living there in. The population spread in Indian villages is presented in the following table. The population spread in villages There are now only total 1831 number of villages in India with population more than 10000 persons. (Definition of rural area in banking business is a place with population up to 10000 persons and in insurance business it is a place with population up to 5000 persons.) The strong saving habit of people in India is such that even the relatively low income families tend to save about a third of their annual earnings. The rural savings to income ratio is much higher than that of the urban population. Further, weShow MoreRelatedThe Growth And Poverty Improvement Of A Country Essay1539 Words   |  7 Pages INTRODUCTION Finance is assumed to be one of the most important tools for the growth and poverty improvement in a country. Financial inclusion is a vision for every country to achieve so that it can provide quality services to its citizens. Govt. Has introduces many schemes to achieve the aim of Inclusive growth and abandoned access to Financial services. 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The poorer income Households often lack to access bank account and have to spend time money for several visits to achieve the banking services. Financial inclusion is help to the sustainable societal and economic improvement of