Volume : VIII, Issue : VII, July - 2019

Inclusive Growth in India through Business Correspondent Model

Prabhat Kumar

Abstract :

Financial Inclusion is the availability of banking services at an affordable cost to the disadvantaged and low-income groups. In India, the basic concept of financial inclusion is having a saving or current account at any bank. In reality, it includes loans, insurance services and much more, for all members of an economy. To realize balanced progress, financial inclusion of the community should be attained. Nearly half of our country men/women do not have even bank accounts. But, ironically GDP is shown increasing over the years. To tame this paradoxical situation, the RBI, in the year 2006, notified the establishment of Business Correspondent (BC) model for growth. This model envisages financial inclusion at the door step of the poor by opening village offices known as customer service point. Under this model, Non-Government Organisations (NGOs) and other intermediary agencies were permitted to link banking services / products to the poor, disadvantaged and remote households. Against this background, this paper attempts to elaborate upon aspects of inclusive growth in India through Business Correspondent Model.

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Article: Download PDF    DOI : https://www.doi.org/10.36106/gjra  

Cite This Article:

INCLUSIVE GROWTH IN INDIA THROUGH BUSINESS CORRESPONDENT MODEL, Prabhat Kumar GLOBAL JOURNAL FOR RESEARCH ANALYSIS : Volume-8 | Issue-7 | July-2019

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