Rishabh Srivastava
Financial Inclusion is the process ensuring financial access to vunerable farmers and avail them with credit facilities to carry out thier activities. Census 2011 shows that India is having only 58.6% of population getting access to formal banking sectors. Financial services includes bank saving account, insurance and credit availability.
Financial access to lower strata of society will not only boost and robust our
economy but also prevent vulnerability of our farmers to exploitative money lenders and mediators. Thus cheaper loans and insurance via various government programmes like PMFBY and MUDRa yojana. Once account when linked to thier aadhar cards then various other
government services can easily be accessed like DBT,etc. Coorporate banks and SGHs are playing pivotal role regarding this. Gini coeffient would also reduce if people starts saving and avail the access. Unorganised sectors are to be included to make them empowered.
Microfinancing by Nabard via Mudra yojana will allow them to carry out allied activities like horticulture , animal husbandry ,fishing , etc . Jan dhan yojana has opened huge number of accounts and with relaxed regulatory. Unorganised sectors consisting of providing employment to more than 80% of people.
Thus it empowers the rural society and thus plays the important role in development of India. Relaxed regulatory norms and proximity of bank branches service will enhance the process of Financial inclusion. More regional rural bank and payment banks is the need of the hour. It will also help government target of doubling farmers income by 2022.
