What
is financial inclusion all about, and why, in today's
scenario, has it become the key issue of discussion?
Looking at the concept it is all about access for
individuals to appropriate financial products and
services which means making use of those products
and services. On the contrary, financial exclusion
is lack of access to these products and services.
International bodies were quick to realize its importance
and understand its ramifications and implications
of the effects it has in the economic growth of the
country.
Growing
concerns and recognition on the subject has been gathering
ground, and is evident from the remarks of Managing
Director of Asian Development Bank when he observed
that "more than 1.7 billion Asian people live
below the $2 a day poverty line, and while we look
at its success and growing middle-classes the other
face of it, is becoming starker as income and opportunity
gaps widen."
Joining
the debate on the subject are international bodies
such as World Bank, United Nations Department of Economic
and Social Affairs (UNDESA) and the United Nations
Capital Development Fund (UNCDF). These international
bodies have shown their concern to financial services,
and these bodies can actively contribute to the human
economic development and to the economic growth, and
to the social safety net, that can, in turn, help
to protect the poor against economic shocks. As a
response to this global concern, an international
conference at Dakar (capital of Senegal) was held
to address the issues raised in the Blue Book,
which is nothing but building inclusive
financial sector for development around the world,
and this book brings forth the awareness of financial
inclusion and the issue involved to the forefront.
This Blue Book acts as a tool and a guide for
policymakers around the globe, and will aid in building
inclusive financial growth. |
