Financial inclusion is the process of providing financial and banking services to people. Over the past years, the government has launched many financial inclusion schemes in India. These schemes not just helped Indians enhance their financial conditions but also have contributed to the Indian economy.
When it comes to describing financial inclusion meaning, we can say that this process makes sure to offer financial services and products to individuals. This incorporates everyone in society by offering them fundamental financial services irrespective of their savings or income. Financial inclusion is all about offering financial solutions to the economically underprivileged groups of our society.
The term Financial Inclusion is widely used for explaining the plan of savings and loan solutions to the poor easily and cost-effectively. It makes sure that the poor individuals make the best use of money and achieve financial education. With the progress in digital transactions and financial technology, now more startup companies are making financial inclusion easier to attain.
After much research and planning, the Indian government introduced some financial schemes. Let’s have a look at the list of 5 financial inclusion schemes in India:
On 22nd January 2015, Prime Minister Narendra Modi introduced Sukanya Samriddhi Yojana. This scheme was launched under the ‘Beti Bachao, Beti Padhao’ campaign. This scheme’s objective is to fulfill the marriage and education costs of girl children.
In August 2014, the Indian Government introduced the Pradhan Mantri Jan Dhan Yojana. This scheme offers easy access to financial solutions like credit, remittance, pension, insurance, deposit, and savings accounts to the needy and poor class of our society.
MUDRA (Micro Units Development & Refinance Agency Ltd is a new initiative of the Indian Government for micro and small enterprises, non-form sector, and non-corporate entities whose credit requirements are below INR 10 Lacs. The Finance Minister of India introduced this scheme during the Union Budget 2016.
Three products are available under the Pradhan Mantri Mudra Scheme:
This financial scheme was declared by Finance Minister Arun Jaitley during Budget 2015. It’s a renewable insurance scheme that provides life insurance coverage of INR 2 Lacs on death.
This voluntary financial scheme was declared by the Indian Government in the 2015-2016 Budget. The purpose of this scheme is to help needy people working in the unorganized sector so they can get a regular income after they retire. This scheme motivates poor people to save for their retirement. The Pension Fund Regulatory & Development Authority (PFRDA) handles all operations of the Yojana.
We have discussed only 5 financial inclusion schemes in India. There are many more schemes to strengthen the accessibility of economic resources and increase the savings of the poor section of our society. In a nutshell, these schemes are major steps to help the entire economic development of the underprivileged population of India.
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Financial inclusion schemes in India are introduced to provide banking facilities to the needy sections of the Indian Economy. These schemes have allowed banks to offer credits for project funding.
You need to deposit INR 250 per annum for this scheme.
Yes, this special refinance scheme can help every woman entrepreneur. It is also known as the Mahila Uddyami Scheme. This scheme provides an interest rebate of 0.25% when women borrow a MUDRA loan from a microfinance institution or an NBFC.
The death advantage eligibility is suitable for the nominee selected by the account holder. The chosen nominee would get a death advantage of INR 30,000 if something unpredictable occurs to the life assured.
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