Strategy for Financial Inclusion of Informal Economy Workers

Seema Sharma, Arnab Bose, Himanshu Shekhar and Rohit Pathania
Additional contact information
Seema Sharma: Indian Council for Research on International Economic Relations (ICRIER)

Indian Council for Research on International Economic Relations (ICRIER) Working Paper from Indian Council for Research on International Economic Relations (ICRIER), New Delhi, India

Abstract: Access to finance and financial inclusion has been identified as a key enabler in the modern society. It provides for basic economic security of the family and is instrumental in preventing families from falling back into poverty. The jan-dhan account in India has been a key milestone in this regard, providing access to every family virtually in the country with a formal bank account. But the bank account can only be the first step as financial inclusion in true sense would mean access to various financial schemes and services like credit and insurance, which remain the most crucial for the intended outcomes. Informality of jobs with non-regular un-recorded income becomes the biggest challenge for financial institutions to provide these services to a large section of the society. The informality of jobs may take various shapes and forms. Through this paper we identify the local static informal service providers which have been with any local community for more than two years across India or other emerging economies but may not have enough 'formality' to access the financial services. In this paper we will discuss the reasons for such exclusion and a strategy involving a socio-technical transition which can make the intended transformation to financial inclusion of the static workers in the informal economy.

Keywords: Financial Inclusion; Informal workers; Street vendors; Urban Informal sector (search for similar items in EconPapers)
Pages: 28 page
Date: 2019-05
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://icrier.org/pdf/Working_Paper_374.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bdc:wpaper:374

Access Statistics for this paper

More papers in Indian Council for Research on International Economic Relations (ICRIER) Working Paper from Indian Council for Research on International Economic Relations (ICRIER), New Delhi, India
Bibliographic data for series maintained by Chhaya Singh ().