Financial Inclusion (FI) in India 19 March 2014
Prof. Abdul Noorbasha, Dept. of Commerce & Management Studies, Acharya Nagarjuna University led the weekly discussion on the topic “Financial Inclusion”. The session was broadcasted live through A-VIEW on March 19th, 2014.
Financial Inclusion is the process of ensuring access to financial services timely and adequate credit where needed by vulnerable groups such as weaker section and low income groups at an affordable cost. During the talk, Prof. Adbul Noorbasha briefly explained why FI is important. He said that it is necessary condition to inclusive growth, creates economic opportunities to poor, provides opportunities for poor to save/invest, provides insurance against income shocks and redeems poor from clutches of Money lenders.
Highlights of the talk
- History of strategies for Inclusive Growth/Financial Inclusion
- Expansion of Banking since Nationalization
- How inclusive is Indian Banking?
- Main drivers of Financial Exclusion – Low income/savings, lacks of assets, unemployment, under employment, use of inappropriate products, financial illiteracy and poor financial habits
- Financial Inclusion plan – Business correspondents (BC)model to be followed (Pranab Mukherji, Jan 6 2012)
- Strategy and Guidelines on FI
- Challenges of BC Model
Increasing outreach to unbanked villages, increasing transactions to all products of banking, BC Model to be strengthened and spreading financial literacy were the concluding points of the talk of Prof. Abdul Noorbasha.
- M.Com, M.Phil, Ph.D
- Areas of Specialization are Banking, Economics & Finance and Informal Sector
- 30 years of experience in research (Banking and Finance)
- Published 45 articles in the Journals of national repute like Economic & Political Weekly, Financial Express, Business Standard, Indian Journal of Agricultural Economics and Indian Cooperative Review
- Published 5 books both in English and Telugu on social and economic issues