Which committee defined financial inclusion?
The Committee on Financial Sector Reforms
1.2. Financial Inclusion, broadly defined, refers to universal access to a wide range of financial services at a reasonable cost. These include not only banking products but also other financial services such as insurance and equity products (The Committee on Financial Sector Reforms, Chairman: Dr.
What is the main aim of 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.
What is financial inclusion and why is it important?
Financial inclusion can empower people and communities to meet basic needs, such as nutritious food, clean water, housing, education, and healthcare. Financial inclusion also has a critical role in the efforts to help people prepare for, respond to and recover from global health and economic crises, such as COVID-19.
What is the meaning of financial inclusion?
Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.
What financial inclusion means?
What are the types of financial inclusion?
Financial Inclusion Schemes in India
- Pradhan Mantri Jan Dhan Yojana (PMJDY)
- Atal Pension Yojana (APY)
- Pradhan Mantri Vaya Vandana Yojana (PMVVY)
- Stand Up India Scheme.
- Pradhan Mantri Mudra Yojana (PMMY)
- Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- Sukanya Samriddhi Yojana.
- Jeevan Suraksha Bandhan Yojana.
What are determinants of financial inclusion?
It is observed that outreach, penetration, availability, accessibility, technology, financial literacy, trust and income have a positive significant impact on financial inclusion. It is concluded that both demand side as well as the supply side factors have a significant impact on financial inclusion.