2015 An Important Year For Financial Inclusion In India


BENGALURU: The New Year has arrived with new hopes and trends especially in the financial sector of India. As Prime Minister Narendra Modi is gradually surging ahead with his plans to make India a better place to live with a stable financial condition prevailing in the country; till now it has been a roller coaster ride for the money.

With new norms developing in financial sector and Modi’s make in India program is in its full swin, the observable developments expected to take place in February and September and could pave the way forward for financial inclusion in the country.

Last year, there have been a record number of bank accounts being opened in India under the Modi’s Jan Dhan Yojana and most of the people who did not have bank accounts   opened one.

February is always considered as an important month when it comes to the financial queries and other important decisions to make related to our finances.

As reported by Business Today, the second day of the month is the last date announced by the Reserve Bank of India to submit applications for small banks and payment banks, and thus is the first opportunity for some financial institutions to get connected and involved in financial services being offered by a bank.

Apart from this, the second most important landmark been made this year is the Bandhan Financial Services, a non-banking finance company and a microfinance institution will start its operation as a full-fledged bank this year. For Chandra Shekhar Ghosh, its Founder and Chairman and Managing Director, this will be the first opportunity to reach out to the poor with a full range of banking services.

This year will be interesting based on these above mentioned facts and it will be interesting to watch NBFC MFIs? function and how they reach and connect to the masses in India.

READ MORE: Gold Extends Gains, Up 95 On Global Cues, Seasonal Demand

Stock Markets Likely To Remain Bullish; Q3 Earnings Eyed