Limitations Case Solution And Analysis, HBR Case Study Solution & Analysis of Harvard Case Studies

Introduction

This thesis aims to shed light to the new concept of Financial inclusion as the term suggests, it is the inclusion of underprivileged common man to have an access to financial services that would end the poverty cycle and raise their standard of living. These services are affordable, have lower risks and costs attached, cater specifically to the needy who aim for inclusive growth but lack sources for financing. The term financial inclusion is further defined as the process of delivering or providing financial assistance and services to low-income groups at an affordable cost. Having access to a viable financial system is viable to the success of an individual, as it means money is multiplied, and the standard of living of the people is raised. Conducting research on this topic is very important as, first of all as mentioned above it is a new solution which, if achieved can offer great relief to the under provided segment of the society and as every possible avenue that leads to their relief is explored then this must be considered as well

Financial inclusion includes provision of these services to individuals belonging to the lower income groups, micro business enterprises and the minorities with limited access. These financial services will include business transactions, innovative retail (including mobile) payments, government payments, remittances, and bring safety and efficiency to the financial system.

The need for financial inclusion is strong as there is a great inequality among the world’s population regarding availing or having access to financial services even the basic ones such as loans, insurance, credit, savings and payments. Half of the world’s population suffers as they cannot avail or access financial services and are left behind in opportunities to increase their level of education, turn their ventures into reality, and more. Economic opportunity should not remain a privilege, but should reach every individual, especially the minority such as women who are disadvantaged in life by not having access to these opportunities. Thus, the need for financial inclusion is greater among this era and prove to be an effective method of decreasing the difference between rich and poor.

In addition to this, the need for financial inclusion is presented across all developing countries, and the financial services and instruments are needed to be aligned and used properly in order to achieve sustained development. Furthermore, the goal of achieving financial inclusion can be achieved by the combined efforts of various financial institutions around the globe. The groups that are in need of financial inclusion are small and medium enterprises, women, rural areas and agriculture, and fragile states. If these were provided with the financial services, then the multitude of problems they suffer from would be largely eliminated.

The unbanked populations of the world have little or a non-existent financial service at their disposal, and this is the prime reason behind their unwillingness to participate in the financial systems of their respective countries. The domino effect is clear of money being stagnant and as money does not circulate, it does not have any effect on improving the lives of people as it does not contributes to the tax. Another by-effect is on a rise in crime as the money remains in the form of cash that attracts criminal activities.

Financial inclusion is highly dependent on cost saving and financial knowledge. Being financially capable includes both the ability to act using the knowledge and the skills and the opportunity to act to gain access to resources and services. The role of banks is further emphasized in being highly important for sustained growth of the country as they provide a systematic channel to money for investment. The critical review also views the role of banks themselves in encouraging people to approach the banks. This increases their trust in them as financial inclusion cannot be attained without enlisting their help, and that priority is given to developing socially and economically sustained financial inclusion systems.

If the dire effects of a lack of financial inclusion are so blatant then why has it come into practice in the first place? Many view this as disrespectful on the part the banking sector. However, there are few issues that are prominent in the case and that is, that mainstream banks have understandably been unable to provide clients belonging to the lower income brackets.........................

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