2013-14

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Financial Inclusion and Social Development
(2014-04-24T10:38:43Z) Sayantani, Banerjee; Francis, Greeshma
Financial institutions are the catalyst in the economic and social growth and progress in the modern era. In this respect, there is a rapid thrust for financial inclusion, more so in emerging economies, such as, India. Society will progress only if there is financial independence for all the stakeholders and thus the importance of financial inclusion. Providing access to finance is a form of empowerment of the vulnerable groups. This article emphasis the need of financial inclusion for social development. Access to basic banking services provides congenial conditions for growth of individuals, households and private Institutions. Also, social factors like unemployment and illiteracy are closely connected to the success of financial inclusion. Thus a sustainable social development can be simultaneously achieved alongside financial inclusion.