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About this product
- DescriptionIt is well-kwn that in India, while one segment of the population has access to assortment of banking services encompassing regular banking facilities and portfolio counselling, the other segment of underprivileged and lower income group is totally deprived of even basic financial services. Exclusion of large segments of the society from financial services adversely affects the overall ecomic growth of a country. Apart from the rural areas, there is a significant degree of financial exclusion in urban areas as well. The cost of financial exclusion is recognised to be ermous for the society as well as for individuals, particularly in terms of inability to realise full potential due to financial constraints. The recent developments in banking techlogy have transformed banking from the traditional brick-and-mortar infrastructure like staffed branches to a system supplemented by other channels like automated teller machines (ATMs), credit/debit cards, internet banking, online money transfers etc. However, access to such techlogy is restricted only to privileged segments of the society. In order to ensure financial inclusion of the poor, particularly in rural areas, various initiatives have been taken by the Government of India and the Reserve Bank of India (RBI) from time to time. These have included nationalization of commercial banks in 1969 and 1980, establishment and expansion of rural credit co-operatives, regional rural banks (RRBs), urban co-operative banks (UCBs), micro finance and self-help groups (SHGs), mutual funds, pension funds and Pradhan Mantri Jan-Dhan Yojana (PMJDY), 2014. There are several challenges that require concerted efforts from banks, the RBI and the Government to ensure convenient and cost-effective delivery of financial services to the public at large. In particular, the challenge is to introduce invations in risk assessment, reduce transaction costs, devise new credit delivery channels, and use information techlogy to make financial inclusion a viable model. Looking to the immense potential lying ahead, rapid progress of financial inclusion efforts in India is the need of the hour. The stakeholders have come to realise the need for viable and sustainable business models which can sharply focus on accessible and affordable financial services, products and processes, synergistic partnerships with n-bank entities including the techlogy service providers.
- Author BiographyDr. N. Mani is presently Head, Post-graduate and Research Department of Economics, Erode Arts and Science College, Erode, Tamil Nadu. He holds M.A., M.Phil. and Ph.D. degrees from Bharathiar University, Coimbatore. Specializing in development economics, he has 23 years of teaching experience to post-graduate and undergraduate classes. He successfully completed a major research project sponsored by University Grants Commission (UGC), New Delhi. He is currently engaged in a research project sponsored by Indian Council of Social Science Research (ICSSR), New Delhi. Dr. Mani has published five books and several papers in reputed journals on varied subjects. He is also the President of Tamil Nadu Science Forum and was organizing secretary of the National Children Science Congress, 2006. He has successfully guided and supervised the works of 6 Ph.D. and 14 M.Phil. scholars. He is a member of various academic bodies including Indian Society of Labour Economics and Indian Society of Agricultural Economics.
- Author(s)N. Mani
- PublisherNew Century Publications
- Date of Publication01/08/2015
- SubjectFinance & Accounting
- Place of PublicationDelhi
- Country of PublicationIndia
- ImprintNew Century Publications
- Weight940 g
- Width190 mm
- Height245 mm
- Spine28 mm
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