tailieunhanh - REPORT OF THE COMMITTEE ON FINANCIAL INCLUSION

Caja Granada, Chair of the International Association of Social Pledging Credit Establishments, was appointed as Spanish Focal Point of the Year of Microcredit by the United Nations. Apart form coordinating the contributions to the Blue Book, it led a major exhibition on microcredit in Spanish savings banks, a joint effort to communicate the importance of this financial tool and the support of the Spanish savings banks. The Spanish Savings Banks Foundation (FUNCAS) published the White Paper of Microcredit as a conclusion of the celebration of the International Year of Microcredit. This document summarizes the activity carried out in this area | REPORT OF THE COMMITTEE ON FINANCIAL INCLUSION January 2008 Preface Access to finance by the poor and vulnerable groups is a prerequisite for poverty reduction and social cohesion. This has to become an integral part of our efforts to promote inclusive growth. In fact providing access to finance is a form of empowerment of the vulnerable groups. Financial inclusion denotes delivery of financial services at an affordable cost to the vast sections of the disadvantaged and low-income groups. The various financial services include credit savings insurance and payments and remittance facilities. The objective of financial inclusion is to extend the scope of activities of the organized financial system to include within its ambit people with low incomes. Through graduated credit the attempt must be to lift the poor from one level to another so that they come out of poverty. Extent of Exclusion NSSO data reveal that million farmer households in the country out of a total of million households do not access credit either from institutional or non-institutional sources. Further despite the vast network of bank branches only 27 of total farm households are indebted to formal sources of which one-third also borrow from informal sources . Farm households not accessing credit from formal sources as a proportion to total farm households is especially high at and in the North Eastern Eastern and Central Regions respectively. Thus apart from the fact that exclusion in general is large it also varies widely across regions social groups and asset holdings. The poorer the group the greater is the exclusion. Demand Side Factors While financial inclusion can be substantially enhanced by improving the supply side or the delivery systems it is also important to note that many regions segments of the population and sub-sectors of the economy have a limited or weak demand for financial services. In order to improve their level of inclusion demand side .

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