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MAIMT - JOURNAL OF IT & MANAGEMENT

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Financial Inclusion In India: An Analysis - Nancy Batra
Abstract:

Financial Inclusion refers to a situation where people, in general, have connection with the formal institutions through holding saving bank account, credit account, insurance policy etc. More than 150 million poor people have access to collateral-free loans .However; there are still large sections of the world population that are excluded from the financial services market. In India half of the poor are financially excluded from the country's main stream of the banking sector. Still in India 22 percent of the people are living below the poverty line. Their monthly income is less than $1 per day and they are living in most un-livable conditions. In India, growth with equity has been the central objective right from the inception of the planning process. The twelfth Five year plan (2012-17) re-emphasized the need for a more inclusive growth in order to ensure that the per capita income growth is broad- based. Recently India has taken several steps towards financial inclusion for achieving faster inclusive growth. Some exclusion steps like ‘no frills’ account, Kisan Credit Card, has also been adopted to achieve total financial inclusion by 2015. Several indicators have been used to assess the financial inclusion like number of bank accounts, number of bank branches, number of ATM’s amount of bank credit and amount of bank deposit. But the measurement of individual factors does not give any conclusive result. More and more Indian companies are trying to enter in the list of fortune 500 and one of our Indian entrepreneurs appears in the list of the top five richest persons of the world.

Keywords: Financial Inclusion, MFIs, Index of Financial (IFI), Micro Finance, Poverty Alleviation.
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