This Article First Appeared In The Times Of India On June 7, 2023
Its efficiency, access, cost-effectiveness and scale have many countries looking at our digital financial infrastructure as the model to adopt. It is enabling economic inclusion as well
Among the numerous areas that have seen major transformation in India in the past nine years, financial inclusion stands out. Besides taking a long leap under Prime Minister Narendra Modi, India has been historically a pioneer in this area.
Until as recently as two decades ago, policy discourse in this area centered on microfinance and microcredit, promoted through the instrumentality of self-help groups (SHGs). Though Muhammad Yunus of Bangladesh is commonly credited with pioneering microcredit in 1976, in reality, Ilaben Bhatt of Gujarat preceded him by a good four years. As early as 1972, she had founded the SHG known as Self-Employed Women’s Association (Sewa).
Until as recently as two decades ago, policy discourse in this area centered on microfinance and microcredit, promoted through the instrumentality of self-help groups (SHGs). Though Muhammad Yunus of Bangladesh is commonly credited with pioneering microcredit in 1976, in reality, Ilaben Bhatt of Gujarat preceded him by a good four years. As early as 1972, she had founded the SHG known as Self-Employed Women’s Association (Sewa).