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Research Paper on Financial Inclusion

Research Paper on Financial Inclusion



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Published by imsarfrazkhan

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Published by: imsarfrazkhan on Apr 05, 2010
Copyright:Attribution Non-commercial


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1 |Page 
 Page no
Acknowledgement 22.
Executive summary 33.
Introduction 54.
Objectives 75.
Financial exclusion 86.
The need for financial inclusion 127.
The benefits of financial inclusion 138.
The tools of financial inclusion and the methods 14to achieve them.9.
Cross country experience 1710.
Indian scenario 2011.
The extent of financial inclusion in India 2212.
Survey : financial inclusion then and now 3013.
The significance of financial inclusion in the 33current financial crisis
2 |Page 
Goal achievement is very difficult for any person, but there are motivations,which make this task very easier. It is our humble duty to acknowledge all of them,which made our task easier during my project.Before proceeding further, we would like to express our thanks to all those who havehelped us in one way or any other way for successful completion of this project.We would like to thank Globsyn Business School, Ahemadabad for having providedus with a great opportunity to work and learn.We are deeply indebted to and express our sincere appreciation & gratitude to
Prof.Kalika Bansal
for providing her valuable guidance & encouragement throughoutthe project for keeping our morale up & making it possible to complete and submitthis project on time.We are really thankful to the people of the village named “ Sukhjora,a village inJharkhand” from where we have conducted our survey. Due to their support &valuable thoughts, we have successfully completed our survey.Most of all, we thank to our colleagues for their help& coordination without whichthe work could never have been completed. They made us realize the importance of teamwork. We are grateful to all of them for standing with us & supporting us in thisproject.
Last but not the least we thank almighty God & our parents for everything.
3 |Page 
Financial services actively contribute to the humane & economicdevelopment of the society. These lead to social safety net & protect the peoplefrom economic shocks. Hence, each & every individual should be provided withaffordable institutional financial products/services popularly called
”.Despite witnessing substantial progress in financial sector reforms in India, it isdisheartening to note that nearly half of the rural households even today do not haveany access to any source of funds- institutional or otherwise. Hardly one-fourth of the rural households are assisted by banks. Hence the major task before banks is tobring most of those excluded, i.e. 75% of the rural households, under banking fold.There is a need for the formal financial system to look at increasing financialliteracy and financial counseling to focus on financial inclusion and distressamongst farmers. Indian banks and financial market players should actively look atpromoting such programs as a part of their corporate social responsibility. Banksshould conduct full day programs for their clientele including farmers forcounseling small borrowers for making aware on the implications of the loan, howinterest is calculated, and so on, so that they are totally aware of its features. Thereis a clearly a lot requires to be done in this area.This enables the customer to remit funds at low cost. The government can utilizesuch bank accounts for social security services like health and calamity insuranceunder various schemes for disadvantaged. From the bank’s point of view, havingsuch social security cover makes the financing of such persons less risky. Reducedrisk means more flow of funds at better rates. Access to appropriate financial services can significantly improve the day-to-day management of finances. For example, bills for daily utilities (municipality,water, electricity, telephone) can be more easily paid by using cheques or throughinternet banking, rather than standing in the queue in the offices of the service.

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