Financial Inclusion and Role of NABARD
Financial inclusion is providing basic banking and financial
solution and services to every people in the nation without any discrimination.
It should reach every citizen without filters like income, education, employment etc. After the Digital India movement, the transaction speed increase among people with high transparency.
It should reach every citizen without filters like income, education, employment etc. After the Digital India movement, the transaction speed increase among people with high transparency.
Digital transaction contributes more in financial inclusion
with secure financial service. It plays a specific role in loan payment, online
shopping, mobile recharge, deposit, fund transfer, insurance payment etc. It
improves sustainability and increases the number of financial assistance
providers.
NABARD play a pioneering role in financial inclusion by
extending banking services to rural people through Self Help Group (SHG), Joint
Liability Group (JLG), Farmers club etc.
NABARD's Village Development Programme covers 422 District in 25 states and 54,800 farmers club in 581 districts and District Rural Industries in 106 Districts are the major contributors. Women are taking part in entrepreneurship and holding valuable employment.a
NABARD's Village Development Programme covers 422 District in 25 states and 54,800 farmers club in 581 districts and District Rural Industries in 106 Districts are the major contributors. Women are taking part in entrepreneurship and holding valuable employment.a
NABARD formed a separate Department for Financial inclusion
and Banking and Technologies. Through this department, various strategies are
implemented.
Comprehensive Area-based approach, removing fear about the digital transaction and educating people, improving the livelihood of poor people because livelihood is a prime factor for financial inclusion and interaction with community local bodies like Gram panchayat, rural bankers and surroundings refine the trust, demand among the people.
Comprehensive Area-based approach, removing fear about the digital transaction and educating people, improving the livelihood of poor people because livelihood is a prime factor for financial inclusion and interaction with community local bodies like Gram panchayat, rural bankers and surroundings refine the trust, demand among the people.
Way Forward
The main motive of Financial Inclusion through NABARD is, it
should go a long way in sustainability and everybody should be involved and
participate.
And also it should provide a reliable financial solution to the economically underprivileged section of the society without unfair treatment.
And also it should provide a reliable financial solution to the economically underprivileged section of the society without unfair treatment.
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