The Status of Financial Inclusion, Regulation, and Education in India
Barua, Abheek; Kathuria, Rajat; Malik, Neha | April 2016
Abstract
India’s financial inclusion agenda has witnessed a paradigm shift over the last decade, away from an emphasis on credit to a more comprehensive approach toward financial services (e.g., opening bank accounts and offering basic financial products, such as insurance). This paper describes the structure of banking and microfinance institutions in India relevant to the developing model of financial inclusion, as well as relevant regulatory structure and modes of delivery. It explains the current state of financial inclusion, as well as regulatory changes necessary to make the new architecture for inclusion viable, including a critique of some of the recommendations of the Mor Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households. The paper then reviews modes of delivery and the regulatory structure being contemplated or recently introduced. It assesses the suitability objective envisaged as critical for inclusion, associated challenge of revamping consumer protection laws, and imperative of improving financial literacy. The paper also discusses the case of micro, small, and medium-sized enterprises in the given context.
Citation
Barua, Abheek; Kathuria, Rajat; Malik, Neha. 2016. The Status of Financial Inclusion, Regulation, and Education in India. © Asian Development Bank Institute. http://hdl.handle.net/11540/6498.Keywords
Government
Institutional Framework
Public Administration
Business Ethics
Political Leadership
Public enterprises
Public finance
Governance
Corporate Governance Reform
Governance Approach
Governance Quality
Public Sector Projects
Public Sector Reform
Political Leadership
Political Power
Institutional Framework
Government
Government accounting
Government
Political obligation
Public management
Government accountability
Transparency in government
Political ethics
Government spending policy
Government services
Democracy
Democratization
Elections
Local government
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