{"id":166435,"date":"2022-02-04T20:56:25","date_gmt":"2022-02-04T15:26:25","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=166435"},"modified":"2022-02-04T20:56:25","modified_gmt":"2022-02-04T15:26:25","slug":"financial-inclusion-is-integral-to-holistic-development","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/financial-inclusion-is-integral-to-holistic-development\/","title":{"rendered":"Financial inclusion is integral to holistic development"},"content":{"rendered":"\n

News: <\/strong>India is working on the path to achieving the motto of “Sabka Saath, Sabka Vikas, Sabka Vishwas<\/strong>“, a vision enshrined by the Prime Minister of India. Recently budget also shows that the government is focused on boosting financial inclusion.<\/p>\n\n\n\n
Read here:\u00a0Financial Inclusion and challenges associated with it<\/a><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
What steps does government initiate to achieve financial inclusion?<\/strong><\/h5>\n

Financial system:<\/strong>\u00a0Reserve Bank of India has constituted an innovation hub<\/a> to address the challenges of financial inclusion and efficient banking. The government took the initiative to resolve stressed assets worth \u20b9<\/span>2 trillion via the National Asset Reconstruction Company (NARCL)<\/a>.<\/p>\n

The government also introduces various steps to strengthen the financial system. e.g. An asset-quality review in 2021, reported that the gross non-performing assets (NPAs)<\/a> of public sector banks had decreased by 31.2%. The reforms launched under this government have helped recover about \u20b9<\/span>5 trillion from financial defaulters.<\/p>\n\n\n\n
Read here:\u00a0RBI chalks out financial inclusion strategy for 2024<\/a><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Expanding the banking system: <\/strong>In the recent budget, the government announced to bring 100% of India\u2019s 150,000 post offices into the core banking system. The government has also provided infrastructure and policy support for the fintech sector to prosper. India has witnessed a 72% rise in the number of digital payments processed in 2021 over 2020.<\/p>\n

The government has also launched bank mobile vans. It helps provide banking and ATM services to spread financial awareness and educate people<\/p>\n

Schemes: <\/strong>The government introduced JAM Trinity<\/a>, to increase financial inclusion and reduce leakages. In 2020-21,\u00a0\u20b9<\/span>2.1 trillion was sent directly to people\u2019s accounts under various schemes such as the Mahatma Gandhi National Rural Employment Guarantee Act<\/a>, the public distribution system, Pradhan Mantri Awas Yojana<\/a>, and others.<\/p>\n\n\n\n
Read here:\u00a0JAM: Scheme for social and economic inclusion<\/a><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source:\u00a0<\/strong>This post is based on the article “Financial inclusion is integral to holistic development<\/strong>”\u00a0<\/strong>published in Live mint <\/strong>on 4th January 2022.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

News: India is working on the path to achieving the motto of “Sabka Saath, Sabka Vikas, Sabka Vishwas“, a vision enshrined by the Prime Minister of India. Recently budget also shows that the government is focused on boosting financial inclusion. Read here:\u00a0Financial Inclusion and challenges associated with it What steps does government initiate to achieve… Continue reading Financial inclusion is integral to holistic development<\/span><\/a><\/p>\n","protected":false},"author":5480,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,10501],"class_list":["post-166435","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-live-mint","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/166435","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/5480"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=166435"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/166435\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=166435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=166435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=166435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}