Financial Inclusion

The Indian economy has globalized rapidly during the past few years and the pace of financial integration is even more rapid. Despite the tsunami of global financial crisis, India is inching towards near double digit growth with the strategy of financial inclusion. The next level of economic growth and financial deepening will immensely help penetrate the fruits of inclusive growth to the last mile man.

The rolling out of Innovative financial products, ability to manage inflation and large fiscal deficit, are the challenges the government has handled with mature understanding. The reforms in the Financial Sector needs further fine tuning to create coordinated and deepening financial markets to match with the best globally. Indeed, Financial Deepening will broaden the responsibility of government and competent authorities to create adequate resources to meet the growing need for Infrastructure development – the life line of the Indian Economy. India looks for 360 Degrees penetration to make Financial Inclusion a mission accomplished.

Keeping in view these growing and significant issues, IBCHAM (Indian Business Chamber) has decided to constitute a separate and dedicated “National Council for Financial Inclusion” to enforce the Financial Inclusion in India through technological innovation and cost effective models to roll out the financial products at the door steps of the last beneficiary.

The Rural Banking and Microfinance is to bring the unexplored unbanked areas in to the main stream to accelerate Financial Inclusion. It has also suggested various options of quick credit delivery as well as need for low cost technology to sustain the process. This is a right attempt to create financial awareness as well as suggest the authorities how the mission of 100% Financial Inclusion is attainable.