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- Title
"Revisiting Financial Inclusion -An Overview of Redefined Banking Systems".
- Authors
Sodi, Jasbir Kaur
- Abstract
Since its inception lots of hopes were tied with the microfinance as it was looked upon as the effective means of reducing poverty and unemployment by way of ensuring self employment through funding self initiated micro ventures in under developed and developing areas. Over a period of time microfinance sector has underwent huge transformation starting from its birth in a Grameen Bank model to the commercialization through NBFC and magnificent commercial MFOs. In order to revive this sector from the recent crisis of Andhra Pradesh and to make it more productive, lot of initiatives are taken by the government to reach to the masses for all the right reasons and through right products. With the developments in financial inclusion initiatives, microfinance has undergone tremendous developments as it is considered as the important tool of achieving the objectives of financial inclusion. The development framework modified and brought forward licensing of NBFCs and other small concept banking system in order to overcome the problems of operational and financial inefficiencies and also to achieve the social objectives of increasing the reach and customization of products/ services. Schemes like Jan-Dhan Yojna and MUDRA Bank, which are specifically targeting those at the bottom of the pyramid. Micro, small and medium enterprises has always played a significant role in promoting entrepreneurship, providing employments to many, reducing poverty, reducing inequalities and also in contribution to the GDP. As a result government has always tried to strengthen the sector through various incentives and schemes. With the growing buzz of make in India initiatives, these MSME sector requires and gets more attention as larger percentage of rural development depends on the effective functioning of this sector. However there are certain barriers in achieving the success of the same. This paper is review of effectiveness of various recent RBI initiatives and developments in the microfmance sector to promote its outreach and also in promoting the development of MSME sector. The research is based on the secondary data collected from various reports.
- Subjects
BUSINESS enterprises; MICROFINANCE; POVERTY reduction; UNEMPLOYMENT; GRAMEEN Bank (Company); PREVENTION
- Publication
BVIMSR Journal of Management Research, 2016, Vol 8, Issue 2, p31
- ISSN
0976-4739
- Publication type
Article