Page 36 - Banking Finance March 2023
P. 36

ARTICLE






          FINANCIAL




          INCLUSION- THE




          JOURNEY AND




          ROAD AHEAD

















                 inancial inclusion is increasingly being recognized  productive economic activities.An inclusive financial system
                 as a key driver of economic growth and poverty  supports stability, integrity, and equitable growth.
                 alleviation the world over.Access to formal finance
         F can boost job creation, reduce vulnerability to    It is also noteworthy to state that, seven of the seventeen
          economic shocks  and increase  investments  in human  United Nations Sustainable Development Goals (SDG) of
          capital.There has been growing evidence on how financial  2030 view financial inclusion as a key enabler for achieving
          inclusion has a multiplier effect in boosting overall economic  sustainable development worldwide by improving the quality
          output, reducing  poverty and income  inequality at the  of lives of poor and marginalized sections of the society.
          national level. Financial inclusion of women is particularly  (Home- Sustainable Development Goals, 2018).
          important for gender  equality  and women's economic
          empowerment. With greater control over their financial  Financial inclusion has always been an important policy
          lives, women can help themselves and their families to come  imperative realising its importance in economic development
          out of poverty; reduce their risk of falling into poverty;  and social well-being of the populace. We have come a long
          eliminate their exploitation from the informal sector; and  way in our pursuit for financial inclusion which started with
          increase their ability to fully engage in measurable and  promotion  of  cooperatives,  nationalization  of  banks,
                                                              institutionalisation of priority sector lending and lead bank
                                                              scheme, implementation of BC model and more recently
                               About the author
                                                              with Pradhan Mantri Jan Dhan Yojana (PMJDY).
                        Brijesh Kumar Shukla
                        Chief Manager (Faculty)               In this journey, we have adjusted our strategies and policy
                        Union Bank of India                   focus factoring in the changing demographics, economic
                        Union Learning Academy - Hyderabad
                                                              situation, and social needs. Given the wide geographical


            32 | 2023 | MARCH                                                              | BANKING FINANCE
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