Financial inclusion is a method or a technique to offer banking and financial services to individuals. This method aims to include everybody in the community by giving them basic financial services irrespective of their incomes or savings. It basically focuses on providing financial solutions to the economically underprivileged. It aims to ensure that the poor and economically weaker section make the best use of their money and attain financial education.
Financial Inclusion in India:
PMJDY: - Pradhan Mantri Jan Dhan Yojna is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/Savings & Deposit Accounts, Remittance, Credit, Insurance and Pension in an affordable manner. Government of India lays special emphasis on financial inclusion of citizens as it is crucial to poverty reduction. Exclusion of a large number of people from any access to financial services prevents the growth of our country. A scheme to empower citizens financially was highly needed so that everyone can reap the benefits of growth and development. Pradhan Mantri Jan Dhan Yojana (PMJDY), the biggest financial inclusion initiative in the world, was announced by the Hon'ble Prime Minister Shri Narendra Modi on 15thAugust 2014 from the ramparts of the Red Fort and launched by him on 28th August 2014 across the country. While launching the Yojana, the Prime Minister had described the occasion as a festival to celebrate the liberation of the poor from a vicious cycle.
Prime Minister had referred to the ancient Sanskrit verse: Sukhasya Moolam Dharma, Dharmasya Moolam Artha, Arthasya Moolam Rajyam - which puts the onus on the state to involve people in economic activity. "This Government has accepted this responsibility," the Prime Minister had said. The Prime Minister had also sent email to an estimated 7.25 lakh bank employees, exhorting them to help reach the target of 7.5 crore bank accounts, and bring freedom from financial untouchability. Other than PMJDY, there are several other financial inclusion schemes in India — Jeevan Suraksha Bandhan Yojana, Pradhan Mantri Vaya Vandana Yojana, Pradhan Mantri Mudra Yojana, Stand Up India scheme, Venture Capital Fund for Scheduled Castes under the social-sector initiatives, Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Varishtha Pension Bima Yojana (VPBY), Credit Enhancement Guarantee Scheme (CEGS) for scheduled castes, and Sukanya Samriddhi Yojana.
Financial inclusion strengthens the availability of economic resources and builds the concept of savings among the poor. It is a major step towards inclusive growth. It helps in the overall economic development of the underprivileged and underdeveloped population. In India, effective financial inclusion is needed for the uplift of the poor and disadvantaged people by providing them with the modified financial products and services.
APK Perks is providing Customer Service Point (CSPs) which is available with various leading banks. Customer Service Point acts as a mini bank by carrying out limited transactions and sourcing of business. It helps customers to withdraw and deposit money.