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Informal Savings of the Poor : Prospects for Financial Inclusion

When an item is published to a Semantic Bank, tags assigned to it are carried along. As a conse- quence, the bank’s members pool together not only the information items they have collected but also their organization schemes applied on those items. The technique of pooling together keywords has recently gained popularity through services such as del.icio.us [6], Flickr [25], and CiteULike [4] as a means for a community to collab- oratively build over time a taxonomy for the data they share. This strategy avoids the upfront cost for agreeing upon a taxonomy when, perhaps, the nature of the information to be collected. | CAB CALLING I January-March 2008 When the poor have a choice they choose to save. Saving safely provides them with a cushion against shocks. Even today 100 million households have informal saving which are outside the fold of the formal financial system. Tapping the informal saving of the poor and using these resources for development is necessary. Designing deposit products appropriate to the needs of the poor ensuring conven ience and developing mechanisms to mobilise the informal saving is required. Informal Savings of the Poor Prospects for Financial Inclusion M.L. Sukhdeve Introduction It is recognised that high domestic savings and investment are crucial for sustenance of high stable rates of growth of the economy. India continues to remain one of the highest savers among the emerging market economies. Gross Domestic Saving GDS comprises savings of public sector private corporate sector and household sectors. In India it is the household sector which occupies a position of dominance over the institutional sectors like private corporate sector and the public sector in terms of generating savings. This sector comprises individuals non-government non-corporate enterprises off-farm business and non-farm business like sole proprietorships and partnership. The savings are for smoothening General Manager National Bank for Agriculture Rural Development Mumbai 32 CAB CALLING I January -March 2008 consumption across one s lifespan in the face of any expected or unexpected fluctuation in the level of income and acts as a net saver during his I her working years and dis-saver in the post retirement life. The rate of GDS as a proportion of Gross Domestic Product at current market prices has more than doubled from an average of around 10 in the 1950s to over 23 in the 1990s scaling a peak of 25.1 in 1995-96. After dipping to 23.6 in 20O1-O2 it recovered to 26 in 2002-03 and reached a new peak of 29.1 in 2004-05 the highest saving rate ever achieved in India since 1950-51.