Q.Describe the Financial Inclusion in India.
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Start your 14-day free trial to unlock the full solution →India has pursued financial inclusion through bank nationalisation, microfinance/SHGs, business correspondents, and flagship schemes like PMJDY, Jan Suraksha Yojanas and the Mudra scheme.
Financial Inclusion in India: Financial inclusion refers to delivering affordable, timely banking and financial services — savings accounts, credit, insurance, pensions, remittances — to all sections of society, especially the poor and those in remote regions who have historically been excluded from the formal banking system. India's journey towards financial inclusion has included: bank nationalisation and branch expansion into rural areas; the Self-Help Group (SHG)-Bank Linkage programme and microfinance institutions reaching the rural poor; the appointment of Business Correspondents (BCs) to extend banking to unbanked villages at low cost; the launch of Pradhan Mantri Jan Dhan Yojana (PMJDY) in 2014 to provide every household a basic bank account; social security schemes like PM Jeevan Jyoti Bima Yojana, PM Suraksha Bima Yojana, and Atal Pension Yojana; the Mudra Yojana for micro-enterprise credit; and growing use of mobile/digital banking and Direct Benefit Transfer (DBT) to route government payments directly into beneficiaries' accounts. Despite major progress, challenges remain, such as rural-urban and gender gaps in account usage, low financial literacy, and dormant accounts.
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