Financial Inclusion – Key to Economic & Social Development

Priya Naik, Founder and Managing Director of Samhita Social Ventures emphasizes on financial inclusion as the key to economic and social development in an article in CSR Mandate.

In India RBI describes financial inclusion as the process of ensuring access to appropriate financial products and services needed by vulnerable groups such as weaker sections and low-income groups at an affordable in a fair and transparent manner by mainstream institutional players. 

Financial inclusion is a fundamental cornerstone of economic and social development. The mandatory CSR spending, as stipulated by the Companies Bill 2012, can help foster partnerships and help achieve a joint approach to promoting financial inclusion in a way that is mutually beneficial to all stakeholders.  In order to realize the goal of universal financial inclusion, each stakeholder has to play its part and more importantly, collaborate with each other to harness the benefits and synergies of shared efforts.