Despite improved banking access, India should focus on awareness and credit delivery for better financial inclusion. Analyse (200 Words)
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Abdul hakkim 3 years
Please review mam/sir
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IAS Parliament 3 years
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IAS Parliament 3 years
KEY POINTS
· After plugging away at ineffective alternatives, the government hit upon the winning idea of Pradhan Mantri Jan Dhan Yojana in 2014 which resulted in the opening of 43 crore new bank accounts in seven years, winning India accolades from World Bank.
· This makes it somewhat surprising that RBI’s newly launched Finance Inclusion Index should assign India a maiden score of just 53.9 out of 100, after assessing 97 indicators on access, usage and quality of financial services.
· These accounts have helped reach benefits from a variety of government schemes from LPG subsidies to Covid relief, directly to women of the household.
· These achievements make a case for policymakers to smooth out irritants such as TDS and GST that impede ease of transacting for BCs.
· Their quick adoption has therefore left a vast majority of new users vulnerable to financial cyber-crime, requiring policymakers to explore new mediums and local languages to educate them on safe use.
· It has been public sector banks who have done much of the heavy lifting on financial inclusion so far.
· It is about time private sector players tailored investment, loan and insurance products for the bottom o f the pyramid.
ANIL KUMAR RAM 3 years
Please review
IAS Parliament 3 years
Try to include data to support your arguments. Keep Writing.
PPVPERUMAL 3 years
Please provide feedback. Thank you.
IAS Parliament 3 years
Good attempt. Keep Writing.
