- 05/25/2019 at 8:50 am #960177EduGorillaKeymasterSelect Question Language :
The existence/establishment of formal financial institutions that offer safe, reliable and alternative financial instruments is fundamental in mobilising savings. To save, individuals need access to safe and reliable financial institutions, such as banks, and to appropriate financial instruments and reasonable financial incentives. Such access is not always available to all people in developing countries like India and more so, in rural areas. Savings help poor households manage volatility in cash flow, smoothen consumption, and build working capital. Poor households without access to a formal savings mechanism encourage immediate spending temptations.
What is the crucial message conveyed in the passage?
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Establish more banks.
Increase the Gross Domestic Product (GDP) growth rate
Increase the interest rate of bank deposits
Promote financial inclusion
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