Financial Inclusion and Beyond: Issues and Challenges

The majority of disadvantaged and low-income sections of Indian society remain outside the formal financial system, and this book explores the various dimensions of their financial exclusion and suggests remedial action for meaningful financial inclusion. Asserting that financial inclusion is indispensable to achieving long-term economic growth, this reference provides an outline of the conceptual framework for understanding financial inclusion, as well as previous approaches and recent initiatives in India. It also proposes strategies for realizing this goal, such as mapping the financial needs of each household, opening a deposit account for each new born child to be retained for at least 15 years until the child goes to high school, and extending the financial services of the needy. An innovative and valuable roadmap on the topic of financial inclusion, this detailed study will appeal to development economists, policymakers, and nongovernmental organizations.