Speech by Shri S. S. Mundra, Deputy Governor – September 19, 2016 – at the BRICS Workshop on Financial Inclusion in Mumbai
Financial Inclusion is a much-cherished policy objective for us in India and our economic policy has always been driven by an underlying intent of a sustainable and inclusive growth. Although I would not dwell at length about the virtues of financial inclusion before this learned audience, I would still like to draw reference to a profound ILO Declaration of Philadelphia (1944) which states that “Poverty anywhere is a threat to prosperity everywhere.” The policy makers in India too i.e. Government of India and the RBI had an early realisation about the implications of poverty for financial stability and have endeavoured to ensure that poverty is tackled in all its manifestations and that the benefits of economic growth reaches the poor and excluded sections of the society.
“Financial Inclusion is the process of ensuring access to appropriate financial products and services needed by all sections of the society in general and vulnerable groups such as weaker sections and low-income groups in particular at an affordable cost in a fair and transparent manner by mainstream institutional players”.
Role of RBI in Financial Inclusion Continue reading “Financial Inclusion in India – The Journey so far and the Way Ahead”