( ISSN 2277 - 9809 (online) ISSN 2348 - 9359 (Print) ) New DOI : 10.32804/IRJMSH

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FINANCIAL INCLUSION IN INDIA: CONTRIBUTION OF SELF HELP GROUP

    2 Author(s):  DR. PRAMODKUMAR V. DESHANI,DR. MOHAMMAD ARIF

Vol -  9, Issue- 1 ,         Page(s) : 379 - 387  (2018 ) DOI : https://doi.org/10.32804/IRJMSH

Abstract

In India, most of lower middle class people are excluded from participation in the formal financial sector, whether it is from access to credit, savings, or insurance. The financially weaker section in India involves largely of marginal farmers, landless laborers, small vendors, hawkers, unorganized sector enterprises, migrants, ethnic minorities, senior citizens and women. Financial inclusion goes beyond opening of bank accounts; it is a comprehensive set of services that needs to be offered to the clients so that they can choose based on their needs from the services. The financial products services for the weaker sections and low income groups need to be in such a way that they increase the credit absorption levels to go beyond basic consumptive credit needs and protect them from a wide range of risks and vulnerabilities. The financially excluded sections need products which are useful to meet their needs. The need for credit differs according to the context, family size, economic status and economic opportunities, and life cycle of the family. The aim of this paper is to explain the existing scenario of financial inclusion in India with different approaches of financial inclusion. This paper also elaborates the importance of Self Help Groups in financial inclusion in India.

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