Financial Inclusion of Rural Finance: A Way to Uplift the Rural Economy

Poorva Sakergayen

doi:https://doi.org/10.14445/23939125/IJEMS-V5I5P102

Research Article | Open Access

Volume 5 | Issue 5 | Year 2018 | Article Id. IJEMS-V5I5P102 | DOI : https://doi.org/10.14445/23939125/IJEMS-V5I5P102

Financial Inclusion of Rural Finance: A Way to Uplift the Rural Economy

Poorva Sakergayen

Citation :

Poorva Sakergayen, "Financial Inclusion of Rural Finance: A Way to Uplift the Rural Economy," International Journal of Economics and Management Studies, vol. 5, no. 5, pp. 5-9, 2018. Crossref, https://doi.org/10.14445/23939125/IJEMS-V5I5P102

Abstract

The purpose of this paper is to examine the financial needs which are unfilled, the underprivileged population and unresolved matters in order to decide the future of Rural Finance. Today the MFIs want the government to empower them for mobilising savings. The banking industry has shown tremendous growth in volume and complexity during the last few decades. Despite making significant improvements in all the areas relating to financial viability, profitability and competitiveness, there are concerns that banks have not been able to reach and bring vast segment of the population, especially the underprivileged sections of the society, into the fold of basic banking services. Internationally also efforts are being made to study the causes of financial exclusion and design strategies to ensure financial inclusion of the poor and disadvantaged. The reasons may vary from country to country and so also the strategy but all out efforts are needed as financial inclusion can truly lift the standard of life of the poor and the disadvantaged.This paper throws light on financial inclusions in India & the future of rural finance by uplifting the lives of rural poor in society.

Keywords

Financial need, MFIs, Financial inclusion

References

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