What is financial inclusion in India
What is financial inclusion in India? – An Introduction
What is financial inclusion in India refers to the process of ensuring vulnerable groups, such as weaker sections and low-income groups, have access to financial services and timely, enough credit when needed at a reasonable price. The Indian government has been adopting a number of unique programs to promote financial inclusion.
The goal of these programs is to give social security to the less fortunate groups in society. The government is implementing various programs with financial inclusion in mind after extensive planning and study by several financial professionals and experts.
Some of these financial inclusion programs or models as per FIA Global – a leading business correspondent – were introduced at various times over the years. Here is a list of some the popular national financial inclusion initiatives:
- Pradhan Mantri Jan Dhan Yojana (PMJDY)
- Atal Pension Yojana (APY)
- Pradhan Mantri Vaya Vandana Yojana (PMVVY)
- Stand Up India Scheme
- Pradhan Mantri Mudra Yojana (PMMY)
- Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- Sukanya Samriddhi Yojana
- Jeevan Suraksha Bandhan Yojana
- Credit Enhancement Guarantee Scheme (CEGS) for Scheduled Castes (SCs)
- Venture Capital Fund for Scheduled Castes under the Social Sector Initiatives
- Varishtha Pension Bima Yojana (VPBY)
What is financial inclusion
What is financial inclusion? – Overview
What is financial inclusion is about providing access to different types of financial services in the country. The results of what financial inclusion in India has done can be examined through the value of the annual financial inclusion (FI) index released by RBI with the FI index of March – 2022 standing at 56.4 versus 53.9 in March – 2021 with growth witnessed across all the sub-indices.
