Financial Inclusion in India this is what I am going to explain you in simple language
We all know that the Indian government started the scheme to open bank accounts of all people with minimum KYC process named as Pradhan Mantri Jan Dhan Yojana as part of financial inclusion along with other major schemes like mudra, gold monetization etc
Do you know what is actually financial inclusion, financial inclusion means delivering of financial services at affordable cost to lower income groups. Actually the meaning of financial inclusion will be much broader than its definition which can be delivering of financial services at lower cost to each and individual person of the society.
It not only helps people to safe guard there savings but also improves living conditions of the society. It always beneficial to have the minimum cash in the economy as having more cash leads to black money deposition and other side effects like corruption.
By financial inclusion economy not only becomes transparent but we it also grows on enormous scale.
Indian government has not only taken many steps but has also ensured to prevent corruption by the major step taken recently by cancelling the legal tender of 500 and 1000 Rs notes.
In my video I am going to explain in a detailed and simpler manner that what is actually financial inclusion, how it helps us and how it improves the life of an individual and country economy.
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