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Financial inclusion has been a challenge to the rural development initiatives undertaken by the government of India. It is sad to know that since ages, albeit the central bank has taken several measures on this front, the situation continues to be gloomy. In this article, let us understand the loop holes in these initiatives that act as impediments to the development of the India’s rural sector and also to the development of Indian economy. Before we proceed further, let us understand the connotation of this term.
According to Dr. C. Rangarajan, Chairman of the Committee on Financial inclusion, 2008:
Financial Inclusion can be defined as the process whereby it is ensured that viable financial services & products are provided to the weaker sections at prices that are affordable, through a transparent and just Institution.
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It was a hot afternoon in July when I visited a defence PSU located on the outskirts of Kolkata. But my hands froze as I glanced through the charter of demands that the recognized union had put forward to the management during the collective bargaining process last held. Coming from the software industry, I had never even heard the names of so many perks that were given to the workers and officers of a PSU. As I went around the huge campus I saw posters of the Works Committee informing workers about safety within the factory premises. As I was having the sumptuous lunch in the officers’ canteen, I tried to figure out how come these people who can demand and get the perks and allowances of their choice, get subsidized food and hot meals at office premises and air their grievances remain unmotivated?
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