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