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    The growing importance of consumer finance for financial inclusion in India

    Ray, Saon; Miglani, Smita; Paul, Sandeep | December 2018
    Abstract
    Financial inclusion or access to financial services is a major development goal for all nations across the globe. The concept has a multitude of dimensions from payments and savings accounts, credit, insurance and pensions and securities market. Ensuring quality access to formal financial services has always been a challenging task. Despite being a prime policy agenda for decades, the goal of universal financial inclusion is yet to be achieved in India. The Indian financial inclusion story so far was led by commercial banks and MFIs. While acknowledging the importance of access to credit for productive purposes, a total integration with financial market also means access to services like insurance and consumption loans. This paper examines the role of consumer finance, a high growth segment of the Indian financial sector in promoting financial inclusion. Consumer finance involves granting credit to consumers to enable them to possess goods for everyday use. While the Indian financial sector is changing rapidly, a large number of households still rely on informal sources for unforeseen expenditure. The paper presents results of a survey of consumer perception on the role of consumer credit to financial inclusion.
    Citation
    Ray, Saon; Miglani, Smita; Paul, Sandeep. 2018. The growing importance of consumer finance for financial inclusion in India. © Indian Council for Research on International Economic Relations. http://hdl.handle.net/11540/9399.
    Keywords
    Financial Stability
    Financial Management System
    Financial Restructuring
    Capital Market Development
    Market Development
    Economics
    Erosion
    International Economics
    Macroeconomic
    Macroeconomic Analysis
    Performance Evaluation
    Impact Evaluation
    Foreign and Domestic Financing
    Foreign Direct Investment
    International Financial Market
    Multilateral Financial Institutions
    Economic Recession
    Market
    Crisis
    Economic indicators
    Growth models
    Gross domestic product
    Macroeconomics
    Economic forecast
    Business Financing
    Investment Requirements
    Business recessions
    Multilateral development banks
    Regulatory reform
    Capital
    Exports
    Economic development projects
    Economic policy
    Economic forecasting
    Investment Requirements
    Banks
    International banks and banking
    Capital movements
    Central banks and banking
    Bills of exchange
    Swaps
    Banks and banking
    Financial crisis
    Credit control
    Credit allocation
    Capital market
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    Citable URI
    http://hdl.handle.net/11540/9399
    Metadata
    Show full item record
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    Working_Paper_367.pdf (1.161Mb)
    Author
    Ray, Saon
    Miglani, Smita
    Paul, Sandeep
    Theme
    Finance
    Economics
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise