Lieutenant Governor launches Financial Inclusion Outreach Campaign in J&K

Lieutenant Governor of Jammu and Kashmir,GC Murmu launched a "financial inclusion outreach campaign" on February 8, 2020. The campaign aims to extend financial services to all areas that are un-banked. 

While launching the campaign, Murmu stated that promoting financial inclusion means taking action to expand peoples’ access to the financial and banking services. 

The financial inclusion outreach campaign will lay special focus on:

1. Opening on bank accounts for adults under Pradhan Mantri Jan Dhan Yojana 

2. Promotion of RuPay Cards

3. Enrollments under Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana

4. Outreach for Mudra Yojna, housing and other retail loans

5. Credit Linkage with SHGs, Rural Self-Employment Training Institutes and other skilling centres in J&K

7. Issuance of Kisan Credit Cards to all eligible beneficiaries

Impact

The inclusion of people’s economic activity in the financial system has profound significance, as it allows more people, especially those belonging to the lower-income group to get access to key financial services. 

Financial inclusion also leads to overall economic growth, reduces income inequality and poverty by providing people with credit and saving facilities. It also provides them with access to subsidies, social security and various government-run insurance schemes.

What is financial inclusion?
Financial inclusion means providing individuals and businesses with access to affordable and useful financial products and services in a sustainable way. It means providing all citizens with equal access to financial services.