FINANCIAL INCLUSION IN MANIPUR AND IMPLEMENTATION

There is a widespread agreement that economic growth is necessary condition for poverty alleviation. Growth is considered as the best antidote to poverty. Globally it is recognised that high national income growth alone does not address the challenge of poverty alleviation. Growth is inclusive when it creates economic opportunities along with ensuring equal access to every section of the society. Apart from addressing the issue of inequality, the inclusive growth should make effort to reduce poverty more effectively by creating productive economic opportunities for the poor and vulnerable sections of the society. Financial Inclusion has been recognised as the critically important to empowering and transforming the lives of all our people, especially the poor, its role in improving national and global financial stability and integrity and its essential contribution to strong and inclusive growth in developing and emerging market countries. It is term as a process of ensuring access to timely and adequate credit and financial services by all sections of the society in general and vulnerable groups such as weaker section and low income groups in particular, at an affordable cost in a fair and transparent manner from regulated mainstream institutional players. Financial inclusion is all about giving an opportunity to build better lives for the people at the bottom of the pyramid and their children. Finance has now attributed as the brained of an economic system and most economies strives to make their financial system more efficient. Financial Inclusion offers incremental and complementary solutions to tackle poverty, to promote inclusive development and to address Millennium Development Goals (MDGs). A key objective in the development process is to work out ways to break out people from the vicious cycle of poverty. Access to finance has been seen as a factor in enabling people to transform their potentials in economic activities and thus break out of poverty.