Importance of Financial Inclusion

Recently, you read the news of "The Economics Times" in which RBI has stressed on more effort for financial inclusion. Do you know what is financial inclusion and why is RBI starting to stress on this?
In the original words of RBI's deputy governor, "An inclusive growth is not possible without financial inclusion. Financial inclusion has become a major policy plank. RBI vision is that everyone in the country should have access to financial products and services but our immediate objective is that every village with a population exceeding 2,000 should be covered either by a bank branch or through a business correspondent by 2012," he said. Link

Now, we should understand this finance term more seriously. I have already explained the meaning of financial inclusion. Please read it at here.

Importance of Financial Inclusion

1. For Reaching every Customer of Rural Sector : With the help of financial inclusion movement, RBI wants that every bank should reach to every customer at rural area.

2. Micro credit during emergency : At the time of emergency, bank should open their doors for micro credit, It can be only possible, if bank will use financial inclusion practically. Otherwise, bank will just become a middle man whose sole aim is to earn interest. But today, with financial inclusion, it can become just like NGO and can work with 3.3 millions NGO of India for progress of India.

3. Electronic fund transfer at Village Level : Now, revolution of mobile has reach up to village. With financial inclusion movement, banks has to start all ATM services and e-banking services at village level. So, better understanding of financial inclusion is must.


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Accounting Education: Importance of Financial Inclusion
Importance of Financial Inclusion
Accounting Education
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