Financial Inclusion

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1. Financial Inclusion: Taking banking services to the bottom of the pyramid. By dr. k. Srinivasa Rao

Objective:
To extend the scope of activities of the organized financial system t include within its ambit people with low incomes and to lift the poor from one level to another through graduated credit, thereby facilitating them to break the chain of poverty.

Introduction:
_ Financial inclusion means extending the banking habit and ensuring access to financial services timely, and adequate credit where needed by vulnerable groups such as weaker sections and low income group at an affordable cost.
_ Path of the financial inclusion is daunting. The benefits of economic growth have not equitably reached different parts of our society.
_ Despite the vast network of bank branches, only 27 % of total farm households are indebted to formal sources.
_ Inclusive finance through secure savings, appropriately priced credit and insurance products, and payment services – helps vulnerable groups to increase incomes, acquire capital, manage risk and work their way out poverty.
_ The objective of this paper is how to correct this situation and to extend the reach of the financial sector to such groups by minimizing the barriers to access as encountered by them.

Analysis and findings:
_ In India, the government and the RBI have been promoting the necessity of inclusive
Banking, as a collective body, has been taking several initiatives in this regard. At the all India level, less than 5% of poor rural households have access to microfinance as
Compared to 60% in Bangladesh.
_ Apart from the regular form of financial intermediation, it may include a basic no-frills banking account for making and receiving payments, a saving product suited to the pattern of cash flows of a poor household, money transfer facilities, small loans and Overdrafts for productive personal and other purposes.
_ For promoting financial

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