Financial Inclusion India

Financial inclusion is conceptualized as the practice of providing banking and financial services to every member of the society without discrimination. Its primary objective is to include everyone in society by providing basic financial services that do not consider a person's savings or income. Financial inclusion primarily focuses on providing trustworthy financial solutions to economically disadvantaged groups without discrimination. It intends to offer solutions for money without exhibiting any signs of inequality. It is also committed to being open and honest when providing financial assistance, with no costs or transactions that are not obvious. Financial inclusion advocates for equitable participation in financial management by all members of society. India has a lot of poor households that do not have access to any financial services. They are unaware of the functions of banks. Many of the poor do not have access to banking services, even if they are aware of them. They may not be eligible for a bank's services because they do not meet the minimum eligibility requirements. Banks have minimum income and credit score requirements, as well as age and work experience requirements. If an applicant meets these requirements, a bank will only give them a loan or deposit.

Due to factors such as lack of education, resources, money, and so on, many of the poor may be unemployed with no prior employment history. It's possible that these economically disadvantaged members of the society do not have the appropriate documentation to submit to the banks for identification or income verification. During the process of applying for a loan or opening a bank account, each bank requires a certain set of required documents. Many of these individuals are unaware of the significance of these documents. Additionally, they are unable to apply for government-approved documents.

The eventual objective of Financial inclusion in India is to remove these obstacles and provide low-cost financial services to the less fortunate in society so that they can become financially independent without relying on charity or other unsustainable methods of funding. Financial inclusion also aims to educate society members about financial services and financial management. In addition, it intends to establish formal and systematic credit options for the poor. For a number of years, formal forms of credit were only available to members of the middle and upper classes of society. People who were poor had no choice but to rely on unregulated and informal forms of credit. They were duped by society's avaricious and wealthy members because many of them lacked basic financial knowledge and education. In the context of financial assistance, a number of poor individuals have been exploited for years.

Pradhan Mantri Jan Dhan Yojana (PMJDY)

Atal Pension Yojana (APY)

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

Stand Up India Scheme

Pradhan Mantri Mudra Yojana (PMMY)

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Sukanya Samriddhi Yojana

Jeevan Suraksha Bandhan Yojana

Credit Enhancement Guarantee Scheme (CEGS) for Scheduled Castes (SCs)

Venture Capital Fund for Scheduled Castes under the Social Sector Initiatives

Varishtha Pension Bima Yojana (VPBY)