Financial inclusion of women in rural India

Abstract

Financial inclusion ensures that all members of society, regardless of their economic status or location, have access to financial services and products. It is the idea of ensuring everyone can participate in the financial system, i.e., save, borrow, invest, and make payments, all securely and affordably. In many developing countries, most people need access to essential financial services. Access significantly impacts their ability to save, invest, and grow their businesses. Without financial inclusion, people may be forced to rely on expensive, informal financial services, such as moneylenders, which can trap them in cycles of debt and hinder their economic growth. The value of financial inclusion has been widely acknowledged by governments, nongovernmental organisations, and financial institutions around the world. The United Nations' Sustainable Development Goals (SDGs) include achieving financial inclusion to its overarching goals of ending extreme poverty and fostering sustained economic growth. Everyone should have access to the financial services they need to succeed, and this can only be accomplished if governments, banks, and other stakeholders collaborate to make this a reality.