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| Article Name : | | | COMPARATIVE STUDY OF FINANCIAL INCLUSION IN WORLD AND INDIA | | Author Name : | | | D. D. Pathare | | Publisher : | | | Ashok Yakkaldevi | | Article Series No. : | | | GRT-6653 | | Article URL : | |  | Author Profile View PDF In browser | | Abstract : | | | Financial inclusion means delivery of banking services at an affordable cost to the people in the lower income strata. There has been a marked progress in the banking infrastructure in both the developed and developing countries. But in all the countries there is sizeable population which is excluded from the availability of financial services. In India, out of every thousand persons, only 99 had credit account and 600 had deposit account as on end March, 2010. India, with a population of 110 crores, faces a major problem of financial exclusion.
All the countries, developed as well as developing, are striving for greater financial inclusion. Various methods and strategies of financial inclusion are being implemented, while UK has raised a Financial Inclusion Fund. USA has enacted Community Reinvestment Act which prohibits discrimination by banks against low income strata. Brazil has appointed Bank Correspondents who provide banking services to the poor in the remote comers. South Africa has launched ‘no-frills'' accounts, while Kenya has roped in the services of a mobile phone company, in Bangladesh the Grameen Bank Project is famous for providing credit and employment facilities to the poor. Mexico has experimented with Micro Finance Institutions. | | Keywords : | | - Financial Inclusion,Financial,Unbanked,Banking services,Micro Credit,
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