AUGUST 20198ENABLING FINANCIAL INCLUSION ON A DIGITAL PLATFORMBy Manoj Kumar Nambiar, Managing Director & Arvind Murarka, Head - IT, Arohan Financial Servicesecent studies state that over 19 percent of the Indian population is still unbanked or is financially excluded. Financial Inclusion is undoubtedly one of the most important milestones that the Government and the RBI focus on and must be attained for sustainable growth of the popula-tion. The main objective of financial inclusion is to ensure access to formal credit for people who depend on infor-mal sources for fulfilling their financial needs at an affordable cost in a fair and transparent manner. This will not only help close the gap between the advan-taged and disadvantaged sections of the society, but also contribute signifi-cantly to the country's socio-economic growth. This is the space where the mi-crofinance industry operates in.Microfinance Industry caters to customers, primarily women, in the rural and semi-urban areas where mainstream banking is inadequate. The Indian microfinance industry has NBFC MFIs, SFBs, NBFCs and also universal banks operating in the space. In its efforts to mainstream financial inclusion in India, MFIs provide loans and distribute financial products like Manoj incorporates his vast experience to implement strategic business plan to support organic & inorganic growth in the microfinance sector in India whereas Arvind employs his 20+ years of Techno-Functional experience to support organization across the industryManoj Kumar NambiarRIN MY OPINION
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