Financial Capability Building Practices in India
Center for Financial Inclusion
Download Document| Date Published | 2016 |
| Version | |
| Primary Author | Jayshree Venkatesan |
| Other Authors | |
| Theme | Housing Microfinance |
| Country | India |
Abstract
The financial inclusion landscape in India has a long history that can be traced back to the cooperative movement at the turn of the 20th century. However, in the last 15 years, financial inclusion has taken on new dimensions, with the growing realization that access to finance is a critical building block in the economic development of the country. A diversity of stakeholders—government institutions, public and private banks, pension providers,self-help groups, microfinance institutions (MFIs), financial education providers, and support organizations—have played significant roles in driving financial inclusion in recent years. Between 2011 and 2014, account ownership grew from 35 percent to 53 percent of the population aged 15 years and older.1 The massive mobilization of the financial sector to pursue financial inclusion contributes to our selection of India as an example for the study of the status of financial capability interventions in developing countries.