Content area
Full text
Abstract
Financial inclusion in simple words can be expressed as, including people in facilitation of financial services, irrespective of caste, social status, race, and colour of the individual. That means making people eligible to accept financial services and in the same time to develop financial status of people. In India, inclusion of people in financial services has always been a difficult task. People have found in undermining the value of services rendered by mainstream banks, financial institutions and small savings schemes. The way loans were disbursed in the name of political campaign, somehow made a notion in people's mind, and that financial services are merely philanthropic activities. Due to these, recovery of loans in India as well as in Tripura is almost a impossible task. The projects those already have been financed stopped soon after its beginning. As outcome huge number of cases is pending before Public Demand Recovery agencies as well as other Debt recovery tribunals. Financial inclusion is not merely a philanthropic activity, he or she, who accepts benefits from banks and other financial institutions are the equally responsible to act reciprocally. But the challenge is, a class of people does not think in that way. Financing a poor man and women is thus a risky business for banks and financial institutions.
Keywords: bank, debt recovery tribunal financial inclusion, financial institution, public demand recovery.
Financial Inclusion is "the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society, in contrast to financial exclusion where those services are not available or affordable" 1. Indian Institute of Banking and Finance defines the same as, "Financial inclusion is delivery of banking services at an affordable cost ('no frills' accounts,) to the vast sections of disadvantaged and low income group. Unrestrained access to public goods and services is the sine qua non of an open and efficient society. As banking services are in the nature of public good, it is essential that availability of banking and payment services to the entire population without discrimination is the prime objective of the public policy.
So financial inclusion the process of ensuring access to appropriate financial products and services to people, those have needs. So long weaker section of the society and...