Financial Inclusion: A Determinant for Village Development
Keywords:
Financial Literacy, Financial Inclusion, Investment, Financial ServicesAbstract
Financial literacy received amplified attention since the global financial crisis and the literature confirms that it is correlated with personal financial management. Parallel to that financial education programs have grown in popularity and an increasing number of countries are developing national financial education strategies and making more investments in related programs. Literature has recently emphasized the association between financial literacy and numerical and mathematical ability, on the one hand, and risk diversification, retirement savings, investment portfolios on the other. Traditional economic theory suggests that forward-looking individuals maximize expected lifetime utility using economic information to accumulate and then de-cumulate wealth effectively over their lifetimes.To achieve greater financial inclusion, financial services should reach the poor people of the socially excluded groups and regions. Mostly, the banks have played a vital role in filling this gap. This study helps us to know the extent of financial inclusion in India especially with reference of Raisen District of Madhya Pradesh and the financial services provided by banks in this regard.
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