As per National Strategy on Financial Inclusion 2019-2024, what are the objectives and impediments for financial inclusion in India?
Answer: Financial inclusion is the process of ensuring access to financial services and timely and adequate credit services for all at an affordable cost, particularly targeting vulnerable and low income groups. Thus, financial inclusion has a multiplier affect in boosting overall economy output, reducing poverty and income inequality.
- In order to strengthen financial inclusion Indian government has taken several policies like Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana. Also, bank-led model of financial inclusion adopted by the RBI through issuance of differentiated banking licenses (small finance banks and payments banks) and the ....
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