Addressing The Demand Side Factors of Financial Inclusion

Abstract

The study evaluates the progress made in the field of financial inclusion and the impediments towards achieving universal financial inclusion. It finds that though Government has put in all efforts towards banking penetration and access but the demand side has not been addressed resulting in very little usage of the financial products. The products meant for the poor are just stripped down version of regular product developed for the urban educated masses. The study identifies the demand side drawbacks in the present model of financial inclusion and suggests ways and means to overcome them. In its attempt to address the demand side issues it studies the Global Financial Inclusion Models like BRADESCO of Brazil, MPESA of Kenya, Rakyat Bank Indonesia, Mzansi accounts of South Africa, Grameen Bank of Bangladesh etc to understand what makes them successful in their business.