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Financial Inclusion Paper

956 words - 4 pages

Financial inclusion
Financial inclusion or inclusive financing is the delivery of financial services at affordable costs to sections of disadvantaged and low income segments of society. Unrestrained access to public goods and services is the sine qua non of an open and efficient society. It is argued that as banking services are in the nature of public good; the availability of banking and payment services to the entire population without discrimination is the prime objective of this public policy. The term "financial inclusion" has gained importance since the early 2000s, and is a result of findings about financial exclusion and its direct ...view middle of the document...

Financial and institutional sustainability as a means of providing access to financial services over time
4. Multiple providers of financial services, wherever feasible, so as to bring cost-effective and a wide variety of alternatives to customers (which could include any number of combinations of sound private, non-profit and public providers).
Financial Inclusion Taskforce, UK
The United Kingdom was one of the first countries to realize the importance of financial inclusion. It published its strategy of financial inclusion in its report Promoting Financial Inclusionwhich was published alongside the Pre-Budget Report of 2004. The UK government also set up the Financial Inclusion Fund of £120 m to help bring about financial inclusion. The Financial Inclusion Taskforce was formally launched on 21 February 2005 to monitor progress on financial inclusion and to make suitable recommendations.
The Alliance for Financial Inclusion
Formed in 2009 with funding from the Gates Foundation, the Alliance for Financial Inclusion is made up of regulatory institutions from the developing world. In 2011 at AFI's annual Global Policy Forum meeting the network adopted the Maya Declaration,[1] a set of common principles and goals for financial inclusion policy development. AFI uses a "polylateral development" model to contrast and compare successful financial inclusion policies, focusing on a peer-to-peer system rather than a top-down or North-to-South learning model. The network has over 80 member institutions from over 70 institutions across the globe.
Financial inclusion in India
The Reserve Bank of India (RBI) set up the Khan Commission in 2004 to look into financial inclusion and the recommendations of the commission were incorporated into the mid-term review of the policy (2005–06). In the report RBI exhorted the banks with a view of achieving greater financial inclusion to make available a basic "no-frills" banking account. In India, financial inclusion first featured in 2005, when it was introduced by K C Chakraborthy,...

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