Monday 8 April 2013

Why Financial Inclusion plays an important role in the economy of a country?

Under RBI information, Govt stated that there is only one bank for 20000 people in current scenerio.
So RBI and Govt stated that this should be reduced to 1000 people for one bank.
So today banks are continuously increasing their branches in both rural and urban areas to cover all cities villages and remote areas.This is known as Financial Inclusion.

So this Financial inclusion plays a major role in the economy of a country.
Consider if all areas are under banking net, and if all people have an account with a bank,
  • The Inflation and Deflation can be easily controlled.
  • The black money can be ejected out easily.
  • And accounts of leaders, business man, and VIP's can be traced and we can find out sum of money they have in their bank balance.
  • The economy of a country is highly increased.
These are some major advantages of Financial Inclusion.
And our banks and Govt are trying to achieve this Financial Inclusion only.

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