Financial services are provided to the backward and low income people of the society through financial inclusion. Care is also taken that these services are available to the people at an affordable price relative to the income of the people. The major financial services are loans, payment and remittance facilities etc. Financial inclusion is being adopted by the central banks of most of the developing countries of the world to fulfill the main objectives. The main goal of financial inclusion is to provide financial services including savings or deposits, payments and remittances, credit and insurance to the households.

After independence, many effective steps have been taken for financial inclusion in India. For this, in 1969, 14 big banks were nationalized and in 1980, by nationalizing 6 big banks, making financial facilities accessible to the general public, in 1975, the establishment of Regional Rural Banks for the development of rural people and agriculture and in the year 2014, Pradhan Mantri Jan Dhan Yojana was launched.

Affordability, accessibility and availability of products and services are the pillars of financial inclusion.

Steps can be taken for research and development of a new approach, a new strategy, in providing a strong foundation for financial inclusion within the Indian economy. In such a situation, in the functioning of the following institutions (After the credibility and satisfaction of the Central Government and the State Governments regarding the subject), the decision to include the curriculum related to the said scheme-

Small Industries Development Organization (SIDO)-  

In order to provide advice, training and assistance to small scale industries related to technical, marketing, operation and financial management, ‘Small Industries Development Organization’ was established by the Central Government in 1954. This national level organization is working for the development and promotion of small scale industries along with the development of agro-based industries and rural industries.

Small Industries Service Institute (SISI)-

Small Industries Service Institute was established in 1956. Basically it is a sister organization of SIDO, which provides technical, financial, managerial and marketing related information to small scale industries and new entrepreneurs as well as guides. These institutes are involved in promotion of small scale industries and entrepreneurship in all the states of the country. SISI and SIDO jointly operating the industrial extension service.

National Institute for Entrepreneurship and Small Business Development (NISBD) –

The National Institute of Entrepreneurship and Small Business Development was established on 6 July 1983 under the Societies Act 1860 by the Ministry of Industry, Government of India, the apex body providing guidance and training for the development, guidance and training of entrepreneurship and small scale industries. The headquarter of this apex institution is presently ‘Okhla Industrial Institute’ in New Delhi which is called by the name of NSIC-PDTC campus.

National Productivity Council-

The National Productivity Council was established by the Central Government in February 1958 as an autonomous organization with its headquarters at New Delhi. The Minister of Industries of the Government of India is the chairman of this council.

In addition to the Headquarters, Regional Directorates have been established in ten industrial towns Mumbai, Kolkata, Patna, Guwahati, Delhi, Chennai, Bangalore, Ahmedabad, Kanpur and Chandigarh. There are three regional offices at Jaipur, Hyderabad and Bhubaneswar.

Khadi And Village Industries Commission (KVIC)-

Khadi and Village Industries Commission was established in 1953 in Mumbai for the development of Khadi and Village Industries and to reduce rural unemployment. This commission is especially useful for women entrepreneurs. The participation of women in these industries is 46 percent. The Khadi and Village Industries Commission also provides assistance and advice to all those industries, which run industries with minimum investment in useful products, such as food processing, leather industry, soap making, aluminum utensils, etc. The offices of the Khadi and Village Industries commission are established in each state of India.

Directorate of Industries-

The work of development and control of small scale industries has been entrusted to the states by the constitution. To complete this task, the Directorate of Industries has been established by the State Governments. Technical, managerial and other necessary facilities are provided by the Directorate for the development of small scale industries.

Statutory Note

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