Indian Contributions to Financial Inclusion

SIDBI was established in 1955 to provide financial assistance to small-scale industries and promote entrepreneurship in India.

The Stand-Up India Scheme was launched in 2014 to provide financial assistance to women entrepreneurs and promote entrepreneurship among women in India.

Grameen Bank, founded by Muhammad Yunus in Bangladesh, introduced the concept of microfinance in the 1980s. It provides small loans to the poor and marginalized population, particularly women, to help them start or expand their businesses.

BHIM is a mobile banking service launched by the RBI in 2012 to promote digital payments and financial inclusion in India. It allows users to make payments using their mobile phones.

The 'Mukhyamantri Jan Kalyan Yojana' was launched by the Madhya Pradesh government in 2016 to provide financial assistance to farmers affected by natural calamities and crop failures.

PM SVANidhi is a government-backed scheme launched in 2020 to provide financial assistance to street vendors affected by the COVID-19 pandemic. It provides working capital loans to street vendors to help them resume their businesses.

SBI introduced the concept of 'banking correspondents' in the 1990s to provide banking services to remote and unbanked areas. Banking correspondents are individuals or entities authorized by banks to provide basic banking services such as cash deposits, withdrawals, and money transfers.

APY is a government-backed scheme launched in 2014 to provide financial assistance to senior citizens. It provides a guaranteed pension to individuals who contribute regularly to the scheme during their working life.

SBI introduced the concept of 'no-frills accounts' in the 2000s to provide basic banking services to the poor and unbanked population. No-frills accounts are basic savings accounts that offer limited services and do not require a minimum balance.

PMFBY is a government-backed scheme launched in 2015 to provide financial assistance to farmers for crop insurance. It provides insurance coverage to farmers against crop losses due to natural calamities, pests, and diseases.

SBI introduced the concept of 'micro ATMs' in the 2010s to provide banking services in remote and unbanked areas. Micro ATMs are small, portable devices that allow customers to withdraw cash, check their account balance, and transfer funds using their debit cards.

PMMVY is a government-backed scheme launched in 2014 to provide financial assistance to pregnant women. It provides a cash benefit to pregnant women for their nutritional needs and to compensate for the loss of wages during pregnancy.

HDFC Bank introduced the concept of 'mobile banking' in the 2000s. Mobile banking allows customers to access their bank accounts and perform various banking transactions using their mobile phones.

DAY-NRLM is a government-backed scheme launched in 2016 to provide financial assistance to differently-abled persons. It provides skill training, employment opportunities, and microfinance assistance to differently-abled persons to help them become self-reliant.

HDFC Bank introduced the concept of 'internet banking' in the 1990s. Internet banking allows customers to access their bank accounts and perform various banking transactions using the internet.