Title: Present Status and Challenges of Indian Financial Inclusion Initiatives
Abstract: In recent decades, economic and social inequalities have increased along with high growth rates in India. It is not possible for us to sustain our growth process if we fail to include a huge number of vulnerable groups in our mainstream society. As a result, Inclusive growth has become a national policy objective of our Government and it is possible only through Financial Inclusion. It has been unanimously and globally recognized as one of the key elements for eliminating poverty and narrowing down the glaring urban-rural economic disparity, but it is quite difficult for the formal financial institutions to penetrate into every nook and corner of India to financially include our huge unbanked population. In this back drop, this paper highlights the innovative use of ICT which can deliver cost-effective and efficient services at the door step of the target groups. According to World Bank report, India’s per capita income doubled between 1995 and 2010 but the report titled “Global Hunger Index 2012” released by three organizations, stated that India has lagged behind in improving its Global Hunger Index score despite economic growth. The report states that India ranks 65 th
Publication Year: 2012
Publication Date: 2012-01-15
Language: en
Type: article
Indexed In: ['crossref']
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