Description
Financial inclusion is one of the important pillars of a highly diversified developing economy like India. As per World Bank (2017) estimates, nearly half of India’s population is financially excluded. According to the Inclusive Growth and Development Report (2017) India’s Inclusion Rank is only 67 while our neighbouring countries like China (53), Nepal (56), Bangladesh (61), Srilanka (33) and Pakistan (44) have a much better position.
It is really heartening to observe that Digital India initiative has given the biggest boost to the efforts for financial inclusion in the country. The recent mission of Reserve Bank of India is to improve the availability of formal financial services in unbanked areas with the goal of ensuring access to financial services for all is praiseworthy.
About The Author
Dr. Nishad Kottapparamban , MA, M.Ed., Ph.D, was born to Mr. Abdurahiman Kottapparamban and Zubaida Mannithodika on 15th May 1981 at Manjeri, Kerala. As an expert in Islamic banking, Dr. Nishad has published more than 20 articles in national and international journals. He has also presented papers as key resource person in more than 15 international webinars.
He is currently the Head of the Department of Economics, City College International, Ajman, UAE and lives with his wife Shameema Musliyarakath and two kids Hamda Nishad and Adam Zaaish.
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