Financial inclusion is a process of ensuring access to financial services and sufficient credit by vulnerable groups at a reasonable cost. It takes into account the participation of vulnerable groups based on the extent of their access to financial services such as savings, payment facilities, credit, insurance, pensions and equity products. A majority of the rural population is still unaware of the availability of financial services. In the absence of institutional finance, financially excluded people depend on expensive usurious credit that creates a debt trap and financial duress. Thus, a concerted effort to create an all-inclusive financial system that will enhance efficiency and welfare by providing access to financial services is essential. The Centre for advanced research in financial inclusion aims to develop and disseminate knowledge through advanced research, extension activities and awareness campaigns through a mutually beneficial approach for promotion of financial inclusion. It also aims to develop new knowledge and insights within the field of inclusive growth related to financial inclusion, and the challenges for inclusive finance (credit, insurance, savings and pension products), to generate awareness towards financial products and impart financial literacy among the youth, marginalized section of the society and rural as well as semi-urban population in the Coastal region and to work towards strengthening of microfinance institutions, business facilitators and business correspondents that can give easy access to banking services especially for rural population. The centre would undertake curricular development and work towards a course to enable management students to understand and carry out projects in inclusive finance in an interdisciplinary framework.
The centre in association with International We Serve Foundation, USA has organised a two-day international conference on ‘Fostering Innovation in Financial Inclusion: Bridging resources and Opportunities’ on 4th and 5th March 2017. It organised an awareness programme on ‘General awareness and wealth creation strategies in current market scenario’ in association with DSP Blackrock Mutual Funds Ltd and Baja Capital Ltd. on 11th February 2017. It also conducted a workshop on ‘Capacity development of field officers of microfinance institution” in association with Syndicate Bank on 25th September 2017.