Financial knowledge is very essentially required as a skill in any manager of the 21st century. Managers should understand the financial implications of their decisions and how to use financial information to improve their company's performance. And undoubtedly, financial inclusion is a part of it.
Financial Inclusion means any method of providing banking services and financial solutions to everyone without discrimination. So we can conclude that when we try to include every individual of the society by providing them basic financial services without checking their personal income or savings, it is nothing but financial inclusion only. Only middle and high classes of the society used to avail all the credit facilities earlier and people with lower income were asked to go for informal and substandard forms of credit. Most of them were uneducated without the basic knowledge about finance so they got cheated by the rich people of the society very easily
The government of India is using UPI (Unified Payment Interface), National Electronic Funds Transfer (NEFT),Immediate Payment Service (IMPS) to make digital financial transactions in the current scenario.
Private companies also trying to contribute in financial inclusion through different initiatives. They are planning and implementing different projects particularly for the low-income groups of peoples like E- Sagar by ITC,HaryaliKisan Bazaar by DCM etc.
Role of FinTech in Financial inclusion
We as an individuals are also using fintech options like digital payment systems, electronic wallets. People from rural and urban areas are using above innovative and easy to learn options of banking. Also those who are not able to use theses independently are trying to learn and use them.
To keep our management students updated, here at ITS Engineering College, Greater Noida, we organized a national conference on FinTech, where we invited guests from the academic and corporate world, who shared their knowledge, views and real life experience with the students.
