Financial Inclusion is about ensuring access to financial services like deposits, fund transfer, loans etc. to each and every member of the society.
Historically, India has performed poorly on financial inclusion. India ranks 2nd in the world in terms of financially excluded people after China. The reasons for poor performance on financial inclusion is because – financial illiteracy, poor economic background, prevalence of traditional lending system, colonial backdrop, huge population marred by poverty and hunger.
Measures taken to Promote Financial Inclusion
1. Pradhan Mantri Jan-Dhan Yojana (PMJDY)
It was launched in 2014 and is hailed as the biggest financial inclusion ....
