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Financial Inculsion
Significance of financial inclusion for India: Reduce Poverty: Financial inclusion means greater access to financial services and an increase in savings. This would help in decreasing income inequality & poverty and would lead to increase in employment levels. Growth: It encourages the habit toRead more
Significance of financial inclusion for India:
What are the challenges to financial inclusion in India?
What are the initiatives taken by the government to improve financial inclusion?
- Banking initiatives:
- Regional Rural Banks (RRBs): On the basis of Narasimham Working Group 1975, RRBs were established to serve banking needs of rural population.
- Priority Sector Lending: is an important role given by the RBI to the banks for providing a portion of the bank loans to few specific sectors such as agriculture or small scale industries.
- Business correspondents: RBI permitted banks to engage business correspondents/facilitators for providing door-step delivery of financial and banking services.
- No-frills accounts: No-frills accounts means the bank accounts which does not require a minimum balance (or low sometimes). This means more accessibility to vast sections of the population.
- KYC relaxation: Know Your Customer (KYC) requirements for opening bank accounts were relaxed for small accounts in August 2005. The opening of bank accounts became even easier with Aadhaar introduction.
- Jan Dhan, Aadhaar and Mobile (JAM): It is a three-part strategy based on using digital technologies- Jan Dhan (banking), Aadhaar (Biometric Identity) and Mobile (transactions).
- Other initiatives: Establishment of payment banks and small finance banks.
- Establishment of MUDRA bank to refinance micro-finance institutions to lend to non-formal sectors such as MSMEs through PM Mudra Yojana.
- Financial literacy centres were launched by commercial banks at the request of the RBI.
- Financial inclusion of women through Aadhaar implementation.
- Unified Payments Interface (UPI) platform built by the National Payments Corporation of India (NPCI).
- National Centre for Financial Education was established in 2017 to implement the National Strategy for Financial Education.
- Self-Help Group (SHG) – Bank Linkage Programme (SBLP) was launched by NABARD to provide door-step banking to the poor with the help of SHGs.
- Social security Initiatives:
- PM Suraksha Bima Yojana (PMSBY): Accidental death cum disability insurance, renewable 1 year, for 18-70 age group.
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Life insurance, renewable 1 year, for 18-50 age group.
- Atal Pension Yojana: Focus on unorganised sector.
- Pradhan Mantri Jan Dhan Yojana: PMJDY has ensured universal access to bank account and India now has 180 billion accounts. However, 48% of those accounts haven’t seen any transaction in the last one year.
See lessHow has the intersection of race, class, and gender impacted the progress of women's rights globally?
The intersection of race, class, and gender has profoundly influenced the progress of women's rights globally, often creating overlapping layers of discrimination and privilege. Women of color, particularly in lower socio-economic classes, face compounded challenges due to systemic racism and economRead more
The intersection of race, class, and gender has profoundly influenced the progress of women’s rights globally, often creating overlapping layers of discrimination and privilege. Women of color, particularly in lower socio-economic classes, face compounded challenges due to systemic racism and economic disenfranchisement. These intersecting identities result in unique barriers to education, healthcare, and employment, which are not always addressed by mainstream feminist movements that may focus predominantly on gender issues.
In many regions, indigenous and minority women struggle against not only patriarchal norms but also racial and class biases that limit their access to resources and political power. This marginalization hinders their participation in shaping policies that affect their lives. Furthermore, global women’s rights initiatives often fail to account for these intersecting oppressions, leading to solutions that benefit primarily middle and upper-class women in urban areas.
However, recognizing these intersections has also led to more inclusive and comprehensive advocacy. Grassroots movements and international organizations increasingly acknowledge the need for intersectional approaches that consider the diverse experiences of all women. By addressing the specific needs of marginalized groups, the global women’s rights movement can create more equitable and effective strategies for achieving gender equality.
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