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Financial inclusion is crucial for economic development, allowing individuals and businesses to access essential financial services, particularly in developing countries. Various initiatives, including government schemes in India, aim to provide affordable financial products and increase awareness among the economically underprivileged. By promoting financial literacy and leveraging digital technologies, financial inclusion seeks to reduce poverty, enhance economic growth, and create a more equitable society.

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14 views

Presentation (9)

Financial inclusion is crucial for economic development, allowing individuals and businesses to access essential financial services, particularly in developing countries. Various initiatives, including government schemes in India, aim to provide affordable financial products and increase awareness among the economically underprivileged. By promoting financial literacy and leveraging digital technologies, financial inclusion seeks to reduce poverty, enhance economic growth, and create a more equitable society.

Uploaded by

tksharafunnisa7
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We take content rights seriously. If you suspect this is your content, claim it here.
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FINANCIAL INCLUSION

Group 6
GROUP MEMBERS
1. Baseem
2. Fathima sahla
3. Amna sherin
4. Shahana sherin
5. Anaghaa
6. Rashid
INTRODUCTION
Financial inclusion is a vital component of economic development, as it enables
individuals and businesses to access basic financial services, such as savings
accounts, credit, insurance, and payment systems. Despite its importance,
millions of people around the world, particularly in developing countries, lack
access to formal financial systems, relying instead on informal and often
expensive alternatives. In recent years, governments, financial institutions, and
technology companies have launched various initiatives to promote financial
inclusion, leveraging digital technologies, agent banking, and other innovative
models. These initiatives aim to expand access to financial services, reduce
costs, and improve the overall efficiency of financial systems
FINANCIAL INCLUSION

Financial inclusion is a method of offering banking and financial services to


individuals. It aims to include everybody in society by giving them basic financial
services regardless of their income or savings. It focuses on providing financial
solutions to the economically underprivileged. The term is broadly used to
describe the provision of savings and loan services to the poor in an inexpensive
and easy-to-use form. It aims to ensure that the poor and marginalised make
the best use of their money and attain financial education. With advances in
financial technology and digital transactions, more and more startups are now
making financial inclusion simpler to achieve.
OBJECTIVES OF FINANCIAL INCLUSION
• It intends to help people secure financial services and products at
economical prices such as deposits,loans, insurance, payment
services, etc.
• It also intends to have numerous institutions that offer affordable
financial assistance so that there is sufficient competition so that
clients have a lot of options to choose from.
• It intends to increase awareness about the benefits of financial
services among the economically underprivileged sections of the
society
• The process of financial inclusion works towards creating financial products
that are suitable for the less fortunate people of the society.
• It intends to improve financial literacy and financial awareness in the nation.
• It aims to bring in digital financial solutions for the economically
underprivileged people of the nation.
• It also intends to bring in mobile banking or financial services in order to reach
the poorest people living in extremely remote areas of the country.
• There are many governmental agencies and nongovernmental organisations
for bringing in financial inclusion. Many poor people are unable to open bank
accounts as they do not have any identity proof.Hence, they cannot avail many
of the services offered by governmental or private institutions.
FINANCIAL INCLUSION SCHEMES IN INDIA

1. Pradhan Mantri Jan Dhan Yojana (PMJDY) – Provides


basic banking services like savings accounts, debit cards,
and insurance to all, especially the poor.

2. Pradhan Mantri Mudra Yojana (PMMY) – Offers loans up


to ₹10 lakh to small businesses and entrepreneurs without
collateral.
3. STAND-UP INDIA SCHEME – SUPPORTS SC/ST AND WOMEN
ENTREPRENEURS BY PROVIDING BANK LOANS BETWEEN ₹10 LAKH
AND ₹1 CRORE.

4. RURAL SELF EMPLOYMENT TRAINING INSTITUTES (RSETIS) –


PROVIDES SKILL DEVELOPMENT TRAINING FOR SELF-EMPLOYMENT
AND SMALL BUSINESSES

5. KISAN CREDIT CARD (KCC) – PROVIDES AFFORDABLE CREDIT TO


FARMERS FOR AGRICULTURAL AND ALLIED ACTIVITIES.
IMPORTANCE OF FINANCIAL INCLUSION

1.Access to Financial Services – Ensures banking and credit


availability for all.
2.Encourages Savings – Promotes a habit of saving among
the poor.
3.Reduces Poverty – Helps uplift economically weaker
sections.
4.Boosts Economic Growth – Contributes to national
development.
5.Supports Small Businesses – Provides loans and credit to
entrepreneurs.
6.Reduces Financial Inequality – Bridges the gap between
rich and poor.
7.Enhances Financial Stability – Decreases reliance on
informal lenders.
CONCLUSION
Financial inclusion helps people and businesses access essential
financial services like banking, credit, and insurance. It reduces
poverty, boosts economic growth, and improves financial stability.
Governments, banks, and technology providers must work together
to make financial services more accessible, especially through digital
solutions. By ensuring everyone can participate in the economy,
financial inclusion creates a more equal and prosperous society.
THANKYOU

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