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SBI in Maharashtra and Karnataka Banks which are participated opined, that inclusive growth can be achieved
considered as ambassadors of financial inclusion and are also by India within a span of 5 years. By 2020 India can emerge
making co-operative efforts in order to look beyond the as super power in all sense.
conventional brand models to penetrate deeper in a viable
manner. This consortium between the banks and FMCG India is to be considered as an emerged country or
company can reduce the costs of operations to the developed country and not as an emerging country or
minimum possible extent. developing country. Mr. Nandan Nilekani is of opinion that,
global companies can also contribute for the inclusive
Objectives of the Study growth. Tom Peters in his book "In search of excellence"
wrote that most project invent themselves, rather than
The study is made with the following objectives in mind:- being the product of formal planning process.
4 To understand the concept of financial inclusion and
Innovations begin with an idea of inclusion. Only inclusive
innovations by the FMCGs. view of things can bring forth innovative ideas. Inclusion can
be evolved only when we have feelings about people who
4 To introduce financial inclusion with the help of are removed from the system or not covered by the system.
marketing.
Anything which can be 'new' and 'improved' can create a
Methodology big difference and something 'renovated' can show a small
difference. The idea of micro credit if adopted by millions
Secondary data has been collected through various of people, can make a big difference and becomes an
sources such as books, magazines, journals, newspapers and innovation. Innovations when applied with cost
websites. effectiveness can bring a revolution and it becomes frugal
engineering.
Review of Literature
Indian manufacturers can do a lot towards inclusive growth
There is enough literature available in the area of inclusive along with their marketing activities. The inclusive growth
growth and financial inclusion. Indian Finance Minister is with financial inclusion in rural areas can be made possible
very particular in marking all unbanked areas within the with the help of local manufacturers as well as MNCs
banking net with the help of technology. working in India through their innovations.
RBI Deputy Governor K. C. Chakrabarty says that, the Financial inclusion, the key determinant of sustainable and
successful implementation of Government schemes in the inclusive growth is capable of unlocking the potential of
11th five year plans were impossible to achieve, without savings, consumptions and investment propensities for the
access to banking sector and our dream of inclusive growth poor. The Finance Minister had announced in budget 2010-
will not be possible without financial inclusion. 11 that all unbanked villages with the population of 2000
and above will be provided with basic banking services by
An Economic summit conducted in the month of November March 2012. Banks will provide customer services either
2010 in which foreign delegates representing US through opening branches or through BC mechanism which
can facilitate branchless banking.
Reports suggest that only 5% of around 6 lakh habitations
in the country have a bank branch. That is only 40% of rural
folks are having a bank account. The then finance minister
Pranab Mukherjee had said that Financial inclusion aims at
covering the other 60% also before 2012.
In order to fulfill these requirements multinational
companies can create an impact along with their marketing
38 | 2015 | SEPTEMBER | BANKING FINANCE
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