Inclusive of direct benefits transfer schemes into financial inclusion in India
Dr. N Sakthivel, R Mayilsamy, R Akash
There are many schemes and programmes of the Government of India under which many benefits are provided to the people such as subsidies, scholarships to students, benefits for feeding and pregnant mothers, and micro credit to poor women. Till now the beneficiaries were not getting this amount directly in their bank accounts. Financial inclusion is the new model of economic growth which plays a major role in eradicating poverty. The concept of financial inclusion is primary to the process and efforts for achieving inclusive growth and sustainable development of the country. It is a policy of involving a wider section of population deposit mobilization and credit intermediation. The financial stability and development council under the ministry of finance, government of India is committed to provide financial literacy and financial inclusion and it has directed all the financial entities in the country including the financial sector regulators, reserve bank of India, commercial banks and other financial service providers to stay focused on the same cause. Empirical evidence has proved that countries which are having a large excluded population from the services of the formal financial institutions show a hiver rate of inequality and poverty. Thus, we can say that banking sector is a key player in achieving inclusive growth as well as financial inclusion.
Dr. N Sakthivel, R Mayilsamy, R Akash. Inclusive of direct benefits transfer schemes into financial inclusion in India. International Journal of Multidisciplinary Research and Development, Volume 3, Issue 11, 2016, Pages 56-59