Financial Inclusion

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RESEARCH PAPER ON ROLE OF GOVERNMENT IN FINANCIAL INCLUSION Role of Government in financial inclusion Abstract:- This research paper contains the full information about the financial inclusion of the world’s economic. In this research paper we describe the financial inclusion basic meaning, definitions, scope & significance. Now we move towards the second phase which include role of government & role of banks in financial inclusion. we also include the reforms that has been done by the government and the other government organizations . We also include the main article that has been given by the different…show more content…
The bank asked the commercial banks in different regions to start a 100% Financial Inclusion campaign on a pilot basis. As a result of the campaign states or U.T.s like Puducherry, Himachal Pradesh and Kerala have announced 100% financial inclusion in all their districts. Reserve Bank of India’s vision for 2020 is to open nearly 600 million new customers' accounts and service them through a variety of channels by leveraging on IT. However, illiteracy and the low income savings and lack of bank branches in rural areas continue to be a road block to financial inclusion in many states. Apart from this there are certain in Current model which is followed. There is inadequate legal and financial structure. India being a mostly agrarian economy hardly has schemes which lend for agriculture. Along with Microfinance we need to focus on Micro insurance too. The scope of financial inclusion The scope of financial inclusion can be expanded in two ways. a) through state-driven intervention by way of statutory enactments ( for instance the US example, the Community Reinvestment Act and making it a statutory right to have bank account in France). b) through voluntary effort by the banking community itself for evolving various strategies to bring within the ambit of the banking sector the large strata of society. When bankers do not give the desired attention to certain areas, the regulators have to
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