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their cash flows, overcome income shocks, and invest in their skills, health, or new businesses.
For standing out on a global platform India has to look upon the inclusive growth and
financial inclusion is the key for inclusive growth .There is a long way to go for the financial
inclusion to reach to the core poor according to K.C.Chakrabarty RBI Deputy Governor Even
today the fact remains that nearly half of the Indian population doesnt have access to
formal financial services and are largely dependent on money lenders. Mere opening of nofrill bank accounts is not the purpose or the end of financial inclusion while formal financial
institutions must gain the trust and goodwill of the poor through developing strong linkages
with community-based financial ventures and cooperative. Financial Inclusion has not
yielded the desired results and there is long road ahead but no doubt it is playing a
significant role and is working on the positive side.
The benefits of this development include economic growth and stability,both for the
customers and for the economies.
While there are a variety of pathways to financial inclusion ,having accessible and affordable
digital networks and appropriate regulatory frameworks is crucial.
Having greater access to financial services promotes entrepreneurship,lifts people out of
poverty,and gives greater hope for a brighter economic future.
The rural masses will get access to banking like cash receipts, cash
payments, balance enquiry and statement of account can be completed using
fingerprint authentication. The confidence of fulfilment is provided by issuing an
online receipt to the customer.
Savings: Building savings helps households manage cash flow spikes and
smooth consumption, as well as build working capital.
Research also shows that more inclusive financial markets are directly linked
with economic growth and employment. Additionally, policymakers increasingly
recognize that a financial market that reaches all citizens allows for more
effective execution of other social policies and development priorities.