Microfinance has evolved as an important tool for poverty eradication and financial inclusion in India, achieving major achievements in recent decades. The concept of microfinance, which involves giving modest loans and financial services to low-income individuals and marginalized areas, has had a significant impact on the country’s socio-economic landscape. The birth of microfinance in India… Continue reading The Rise of Microfinance in India
Tag: financial inclusion
Financial Inclusion: Bridging the gap with fintech
Financial inclusion remains a global challenge, with a considerable section of the world’s population needing access to basic financial services. According to the World Bank, around 1.7 billion adults are unbanked, which means they need access to formal financial services. While there has been improvement in recent years, a significant gap still needs to be… Continue reading Financial Inclusion: Bridging the gap with fintech
How is the Business Correspondent model boosting financial inclusion in India?
The availability and use of inexpensive financial services by all segments of society is a major driver of economic growth and poverty alleviation. In a varied and large country like India, achieving comprehensive financial inclusion has unique problems. However, the Business Correspondent (BC) model has emerged as a revolutionary force, bridging the gap between traditional… Continue reading How is the Business Correspondent model boosting financial inclusion in India?
Financial Inclusion; the need and future
Financial inclusion refers to the process of ensuring access to affordable financial services, such as banking, insurance and credit, to all sections of society, particularly the underprivileged and low-income groups. Data Points to understand Financial Inclusion The need for Financial Inclusion Addressing poverty – Financial inclusion can help to alleviate poverty by providing access to… Continue reading Financial Inclusion; the need and future
The Significance of Regional Rural Banks in India
The Regional Rural Banks (RRBs) were established in India in 1975 with the objective of developing its rural economy through inclusive banking services. RRBs are jointly owned by the Government of India (GoI), the respective state government and a sponsor bank with the intention to elevate and empower the population under their governance. When the… Continue reading The Significance of Regional Rural Banks in India
Financial Literacy and the need for Financial Inclusion
Financial literacy is an extensive concept that involves several aspects like budgeting, saving, investing, debt management, financial planning, etc. It encompasses the ability to make informed and responsible financial decisions that can positively impact an individual’s financial well-being. Financial inclusion, on the other hand, refers to the accessibility and availability of financial services to all… Continue reading Financial Literacy and the need for Financial Inclusion
Technology’s Role in Financial Inclusion
The start of the ‘technology era’ was a turning point for human evolution. The invention of ‘the wheel’ was the beginning of one of the most important eras of humankind. Over the years, technology along with its surroundings has evolved manifold and today, it is upholding several aspects that humankind as a society is striving… Continue reading Technology’s Role in Financial Inclusion