Important Points to know about Financial Inclusion

    Important Points to know about Financial Inclusion
    Important Points to know about Financial Inclusion:
    Important points that we have to know about the Financial Inclusion were given here, which will be more helpful for the candidates those who are preparing for the upcoming exams.

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    1).Financial inclusion orinclusive financing is the provision of financial services to low income and disadvantaged sections of the society at affordable costs. Financial Inclusion Committee is headed byDeepak Mohanty.

    2).Globally about2 billion working age adults have no access to any type of formal financial services delivered by the financial institutions

    3).The goals of Financial inclusion as defined by theUnited nations is as follows
    ·        To provide sound and safe institutions governed by clear regulation and industry performance standard
    ·        To provide financial services like savings, deposit, payments, transfer, credit and insurance services at a reasonable cost to all
    ·        To facilitate financial and institutional sustainability
    ·        To ensure continuity and certainty of investments

    4). Alliance for Financial Inclusion(AFI) – world’s largest and most prominent network of financial inclusion
    ·        AFI was founded in2008
    ·        It is aBill& Melinda Gates foundation funded project supported byAusAid to speed up the development of smart financial inclusion policy in developing countries
    ·        Its main aim is to adopt and expand effective inclusive financial policies in developing nations to uplift2.5 billion impoverished and unbanked citizens
    ·        AFI has over105 institutions in88countries
    ·        It hosts annualGlobal Policy Forum(GPF) as an event for membership
    ·        In2011 GPF, AFI adoptedMaya Declaration – a set of principles and goals for financial inclusion policy development
    ·        AFI usesPolylateral Development model – to contrast and compare successful financial inclusion

    5).In partnership withNABARD theUnited Nations aims to increase financial inclusion of the poor by developing appropriate financial products

    6).UN’s financial inclusion is financed byUnited Nations Development Program

    7).InIndia the term financial inclusion was 1st used in theAnnual Policy Statement presented byY. Venugopal Reddy former Governor of RBI

    8).Some of the services provided under the term Financial Inclusion in India
    ·        Mangalam– 1st village in India where all households were provided banking facilities
    ·        Norms of banks were relaxed for people intending to open accounts with annual deposits less thanRs. 50,000
    ·        General Credit Cards(GCC) were issued to poor and the disadvantaged to help them with easy access to credit
    ·        RBI asked the commercial banks in different regions to start100%financial inclusion campaign
    ·        Pondicherry, Himachal Pradesh and Kerala announced100% financial inclusion
    ·        Pradhan Mantri Jan Dhan Yojna – a national financial inclusion mission which aims to provide bank accounts to low income people

    9). Deposit Penetration – key driver of financial inclusion, the number of savings account –624 million, is 4 times the number of loan accounts –160 million

    10).Thetop three states/ union territories which tops in financial inclusion are as follows
    ·        Pondicherry
    ·        Chandigarh
    ·        Kerala

    11).Top3 districts are as follows
    ·        Pathanamthitta – Kerala
    ·        Karaikal – Pondicherry
    ·        Thiruvananthapuram – Kerala
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