A Study on Government Initiatives in Development of Financial Inclusion and Rural Resilience

Abstract

Government initiatives focused on financial inclusion and rural resilience in India aim to empower underserved populations, particularly in rural areas, by providing access to financial services and promoting economic growth. These initiatives often target the "unbanked" or "underbanked," offering access to basic banking services, credit, and insurance, while also promoting financial literacy and education. Financial Inclusion is an important priority of the Government. The objective of Financial Inclusion is to extend financial services to the large hitherto un-served population of the country to unlock its growth potential. The Government initiated the National Mission for Financial Inclusion (NMFI), namely, the Pradhan Mantri Jan Dhan Yojana (PMJDY) in August, 2014 to provide universal banking services for every unbanked household, based on the guiding principles of banking the unbanked, securing the unsecured, funding the unfunded and serving un-served and under-served areas.