Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsBANKING AND MONETARY POLICY3 Marks
Question
What is financial inclusion? Explain in detail.
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Answer
Non-monetary functions of Reserve Bank of India:
Financial inclusion and development:
Owing to India’s highly diversified economy, it becomes difficult for to reach to all sections of people.
Thus, $RBI$ promotes Financial Inclusion which means providing banking services to low income segments of society at an affordable price.
It provides special credit facilities to agriculture, small scale industries, self- employed people and cottage industries.
$RBI$ also manages the Prime Minister Jan Dhan Yojna.
$RBI$ has made its website very user friendly. It publishes various banking related information and statistics as well as articles of experts on its website. Such publication helps people to promote research related to banking and bringing monetary improvement in the country.
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