Disadvantages of financial inclusion in india
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1) More accounts, more money: As under-served masses are covered under financial inclusion drive (http://pmjdy.gov.in/home), the money in form of deposits start to flow from their households into the financial system. This money can be lent at higher interest rates to the borrowers. The State Bank of India's deposit base is so strong that it sources 97% of its funds from deposits (at 4%), which it can lend at more than 10%.
2) More customers, more products: Again PMJDY being the case in point, the government has been able to sell more than 9 Cr accidental insurance policies and roughly 3 Cr life insurance policies. The financial inclusion offers the banks an opportunity to provide the eligible clients with a suite of financial services.
2) More customers, more products: Again PMJDY being the case in point, the government has been able to sell more than 9 Cr accidental insurance policies and roughly 3 Cr life insurance policies. The financial inclusion offers the banks an opportunity to provide the eligible clients with a suite of financial services.
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