Why health insurance is necessary in india: Unravelling financial inclusion in India

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What we need today are innovative solutions that can take into account the peculiarities of the people at the bottom of the pyramid. We need to use our natural powers of persistence, concentration, insight, and sensitivity to do work, think deeply, and solve problems. Social innovation is taking place at multiple levels, driven by passion and is making a great difference to our societies. But as with most trumpeted interventions, our programmes are also scrambling to turn rhetoric into reality. A lot of lessons have already been learnt from around the world. We don’t have to reinvent the wheel. The learning curve in the digital world is certainly steep, but regulators and policymakers can learn from those who have achieved impressive success in digital financial inclusion. The most wise credo for all players in the financial inclusion ecosystem can be found in RBI governor Raghuram Rajan‘s conceptualisation of what inclusion should be. “Simplicity and reliability in financial inclusion in India, though not a cure all, can be a way of liberating the poor from dependence on indifferently delivered public services and from venal politicians,” he said. Further, “in order to draw in the poor, the products should address their needs — a safe place to save, a reliable way to send and receive money, a quick way to borrow in times of need or to escape the clutches of the money lender, easy to understand life and health insurance and an avenue to engage in savings for the old age.”

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