G20, India, & Financial Inclusion: En Route to 2022 Summit

Introduction: The Milieu

The 1990s witnessed the advent of microfinance at the mainstream in international development policies. There was a prime focus on market development by private financial firms. As the decade of the 2000s approached, the ambience of state legitimacy (via policies and strategies of financial inclusion) made its way. The warranted summoning of government interference is owing to the (still incumbent) ailing realities shaped by the worrying existence of social and geographical inequalities, gender biases, etc. With this stance, financial inclusion is envisioned as an instrument to establish, transform, and reinforce state institutions. The deployment of financial inclusion (social) policies in India is meant to facilitate access to marginalised (susceptible) populations of afresh rights and inclusivity. Also, such social policies having financial inclusivity agenda at the core could also promote the incoming of new alternatives to organise the behaviour of recipient (fragile) segment of the society.

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Microfinance & Financial Inclusion: Servicing the Marginalised India

‘‘The Poor stay poor, not because they are lazy but because they have no access to capital.” – Laureate Milton Friedman

Introduction to Microfinance

Microfinance (erstwhile microcredit) is a financial service offering loans, savings, and insurance to entrepreneurs and small enterprises that lack proper access to banks or investors. The primary objective of microfinance is to make available to the underserved individuals (since they lack the credit or resources to subscribe to a regular bank loan) the required money so as to invest in their nascent business projects. Continue reading “Microfinance & Financial Inclusion: Servicing the Marginalised India”