Financial Inclusion of Marginalised Population in India-a review

atreyee sinha chakraborty

Abstract


Financial inclusion or inclusive financing is the access of  financial services at legitimate prices to all and specially to the low-income and disadvantaged population, in contrast to financial services that are not affordably available. Globally, approximate 2 billion working-age adults are having lack of access to the financial services. The present paper attempts to understand and emphasize the factors behind the financial inclusion of marginalized population in India (specifically scheduled caste, scheduled tribes and religious minorities). Financial Inclusion means access to finance as well as financial services in a fair and equitable manner at a reasonable cost and thus leading to reduction of poverty. Historically, socially disadvantaged groups have been facing various forms of discrimination in the society, one of which can be financial exclusion, i.e. economic discrimination. This has resulted in differences in the income and other associated benefits. Majority of India’s financially excluded sector consists of small and marginalized farmers, labourers and entrepreneurs in the unorganized sector, urban poor and migrants. SC/STs and religious minorities comprise a vast proportion of this segment.  The present survey article focuses on the extent of financial inclusion in India among socially disadvantaged group and the factors behind the prevalence of financial exclusion among them. Analyzing the supply side and demand side reasons, it concludes for more support from government, NGOs and international agencies and early steps towards increasing financial literacy of marginalized population to enhance their financial sustainability and a comprehensive financial inclusion.

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ISSN : 2251-1555