WB discourse on financial inclusion - Dr.N.A.Mujumdar

This article was written by Dr N A Mujumdar before his demise on April 6, 2014

...........Hence financial inclusion is not a mechanical process of multiplying numbers. Creating new bank accounts does not necessarily translate into use and realisation of benefits. Financial inclusion is typically defined as the proportion of individuals and firms that use financial services. But to get the real picture, one has to look beyond mere numbers. The report cites two extreme cases to demonstrate the point. One, the case of the dormant accounts of South Africa referred to above. India has gone through the process, and in fact, the Reserve Bank of India has addressed giving a qualitative content to the concept of financial inclusion..............

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