“Role of Government in Financial Inclusion”
A RESEARCH PAPER
ON
“ROLE OF GOVERNMENT IN FINANCIAL INCLUSION”
Submitted By:
Hemali Shah
(MPM: 2nd Semester)
ABSTRACT:
Financial inclusion means a group of people should take part in growth activities and help to increase economic growth of the country. We cannot say that financial growth has been achieved by opening a bank account, granting huge loan to a single person and closing the account. First, many people have to open an account in a bank, save money regularly so that loans to needy people may be granted on regular basis. It is a process ensuring easy access and usage of financial system for the rich and poor in the country.
The Indian Government wishes that the poor people should be benefited by financial inclusion. They have to be given loans for trading activities or paying back the loan from money lenders. The Reserve Bank of India permits for financial inclusion by allowing banks to grant loan to non-registered bodies, subject to certain norms.
The Government needs to take on a leadership role and focus the attention of the financial services industry and community-based financial institutions on this issue. Promoting financial inclusion requires action by a range of Government departments, including those involved in tackling poverty, protecting consumers and promoting employment and economic growth. Promoting financial inclusion needs to be a key part of the Government’s overall agenda to promote financial inclusion. The Government of India has decided to set up a National Mission on Financial Inclusion (NaMFI) to promote inclusive growth in the country through universal access to finance by the poor and vulnerable groups within a specified time frame. Government has also provided Financial Inclusion fund.
Objectives:
• To make people aware about what the Financial Inclusion is all about. • To give knowledge about what the government is doing for our country related to financial inclusion. • To know about the various financial
ON
“ROLE OF GOVERNMENT IN FINANCIAL INCLUSION”
Submitted By:
Hemali Shah
(MPM: 2nd Semester)
ABSTRACT:
Financial inclusion means a group of people should take part in growth activities and help to increase economic growth of the country. We cannot say that financial growth has been achieved by opening a bank account, granting huge loan to a single person and closing the account. First, many people have to open an account in a bank, save money regularly so that loans to needy people may be granted on regular basis. It is a process ensuring easy access and usage of financial system for the rich and poor in the country.
The Indian Government wishes that the poor people should be benefited by financial inclusion. They have to be given loans for trading activities or paying back the loan from money lenders. The Reserve Bank of India permits for financial inclusion by allowing banks to grant loan to non-registered bodies, subject to certain norms.
The Government needs to take on a leadership role and focus the attention of the financial services industry and community-based financial institutions on this issue. Promoting financial inclusion requires action by a range of Government departments, including those involved in tackling poverty, protecting consumers and promoting employment and economic growth. Promoting financial inclusion needs to be a key part of the Government’s overall agenda to promote financial inclusion. The Government of India has decided to set up a National Mission on Financial Inclusion (NaMFI) to promote inclusive growth in the country through universal access to finance by the poor and vulnerable groups within a specified time frame. Government has also provided Financial Inclusion fund.
Objectives:
• To make people aware about what the Financial Inclusion is all about. • To give knowledge about what the government is doing for our country related to financial inclusion. • To know about the various financial
References: • Economic Times • Report by the House of Commons • Times of India • www.google.com • www.wikipedia.com