{"id":127285,"date":"2021-08-19T20:18:22","date_gmt":"2021-08-19T14:48:22","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=127285"},"modified":"2021-08-20T18:36:16","modified_gmt":"2021-08-20T13:06:16","slug":"beyond-bank-accounts","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/beyond-bank-accounts\/","title":{"rendered":"Beyond bank accounts"},"content":{"rendered":"

Source:\u00a0Business Standard<\/a><\/strong><\/p>\n

Relevance:<\/strong> RBI has published the Financial Inclusion Index (FI- Index)<\/p>\n

Synopsis: <\/strong>Given the need to attain equitable growth, it is important to Focus on financial inclusion. The study of RBI report becomes important in this regard.<\/p>\n

Click here to read about FI-Index<\/strong><\/a><\/p>\n

What is the need for Financial Inclusion?<\/strong><\/h5>\n

Financial Inclusion is the process of ensuring affordable financial products and services that meet the need of individuals. The government over the years has worked to connect more households to the financial system<\/p>\n

For this, the government also launched Jan Dhan accounts and the use of direct benefit transfers. However, the RBI index acknowledged this, that mere opening of bank accounts or transferring the government benefits will not serve the purpose<\/p>\n

What needs to be done<\/strong><\/h5>\n
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  1. Provide financial literacy<\/strong> to people and encourage them to keep their savings with the banking system and invest in financial products.<\/li>\n
  2. Also, the government has to make sure that the person is able to access the account frequently with relative ease<\/strong>. For this, technology will play the great role<\/li>\n<\/ol>\n
    Benefits of Financial Inclusion<\/strong><\/h5>\n