What percentage did financial inclusion increase in 2011?
Financial inclusion also mitigates the exploitation of vulnerable sections by the usurious money lenders by facilitating easy access to formal credit. 1.5 In rural areas, the Gini’s2 coefficient rose to 0.28 in 2011-12 from 0.26 in 2004-05 and during the same period to an all-time high of 0.37 from 0.35 in urban areas.
When was financial inclusion introduced?
9th May, 2015
Overview of Financial Inclusion The schemes were launched on 9th May, 2015, for providing life & accident risk insurance and social security at a very affordable cost namely (a) Pradhan Mantri Suraksha Bima Yojana and (b) Pradhan Mantri Jeevan Jyoti Yojana and (c) Atal Pension Yojana.
How the 2008 financial crisis affected the banking sector?
Over the short term, the financial crisis of 2008 affected the banking sector by causing banks to lose money on mortgage defaults, interbank lending to freeze, and credit to consumers and businesses to dry up.
What is meant by financial inclusion?
Financial Inclusion is the process of ensuring access to appropriate financial products and Services needed by all sections of the society in general and vulnerable groups such as weaker Sections and low income groups in particular at an affordable cost in a fair and transparent manner by mainstream institutional …
How much of the world is unbanked?
Globally, 31 percent of adults are unbanked.
Who introduced financial inclusion?
the Reserve Bank of India
The concept of financial inclusion was first introduced in India in 2005 by the Reserve Bank of India. The objectives of financial inclusion are to provide the following: A basic no-frills banking account for making and receiving payments. Saving products (including investment and pension)
What is the main aim of financial inclusion?
Financial inclusion is a method of offering banking and financial services to individuals. It aims to include everybody in society by giving them basic financial services regardless of their income or savings. It focuses on providing financial solutions to the economically underprivileged.
How many bank accounts exist in the world?
The 2017 Global Findex database shows that 1.2 billion adults have obtained an account since 2011, including 515 million since 2014. Between 2014 and 2017, the share of adults who have an account with a financial institution or through a mobile money service rose globally from 62 percent to 69 percent.