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MGSE-020: Gender and Financial Inclusion

MGSE-020: Gender and Financial Inclusion

IGNOU Solved Assignment Solution for 2022-23

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Assignment Code: MGSE-020 / AST-01 / TMA / 2022-23

Course Code: MGSE-020

Assignment Name: Gender and Financial Inclusion

Year: 2022 - 2023

Verification Status: Verified by Professor




Write short notes on the following in 200 words each. (10 X 4 = 40 marks)


Q 1. Plural Financial Inclusion

Ans) Plural financial inclusion refers to the concept of expanding financial inclusion beyond traditional banking systems and including non-bank financial institutions and other financial services providers in the provision of financial services to individuals and communities. This approach recognizes that not all people have the same needs, preferences, or abilities when it comes to accessing financial services, and that there are often multiple pathways to financial inclusion. The plural financial inclusion approach is designed to promote greater financial inclusion and reduce poverty by making financial services more accessible and affordable to marginalized communities.


This approach involves partnerships between traditional financial institutions and non-bank financial service providers, such as microfinance institutions, cooperatives, and mobile money operators, to create a diverse range of financial products and services that meet the unique needs of different populations. Plural financial inclusion recognizes that financial services are critical to economic development and can play a key role in reducing poverty, promoting economic growth, and supporting sustainable livelihoods. By expanding financial inclusion beyond traditional banking systems, plural financial inclusion seeks to provide more people with access to the financial tools they need to improve their lives, build resilience, and achieve their goals.


Q 2. Business Model

Ans) A business model is a plan or strategy that outlines how a company will operate and generate revenue. It describes how a company creates, delivers, and captures value for its customers, shareholders, and other stakeholders. A business model encompasses all aspects of a company's operations, including its products or services, target markets, marketing and sales strategies, distribution channels, revenue streams, and cost structures. A strong business model is essential for the success of any company, as it allows the company to identify opportunities for growth and profitability, and to allocate resources effectively. There are many different types of business models, ranging from traditional brick-and-mortar retail to e-commerce and subscription-based services.


Some of the most common business models include the following:

  1. Direct sales model

  2. Subscription-based model

  3. Freemium model

  4. Marketplace model

  5. Advertising-based model

  6. Franchise model

  7. Asset sale model

  8. Agency model


The choice of a business model will depend on the nature of the business, its target market, and its competitive landscape. A company's business model can evolve over time as it grows and adapts to changes in the market and the needs of its customers. It is important for companies to regularly evaluate their business model to ensure that it is still relevant and effective, and to make changes as needed to stay competitive and profitable.


Q 3. Economic Functions of Bank

Ans) Banks play a critical role in the economy by providing financial services that facilitate economic transactions and promote economic growth.


Some of the key economic functions of banks:

  1. Mobilizing savings: Banks are intermediaries that collect funds from savers and make them available to borrowers. By offering deposit accounts that pay interest, banks encourage people to save and channel those savings into investments that create jobs and stimulate economic growth.

  2. Providing credit: Banks are the primary source of credit for most individuals and businesses. They lend money to people and organizations to fund their activities and investments, which can create jobs, drive innovation, and promote economic development.

  3. Facilitating payments: Banks provide a range of payment services, such as debit and credit cards, electronic fund transfers, and checks, which enable people and businesses to buy and sell goods and services more efficiently.

  4. Managing risks: Banks help individuals and businesses manage risks by offering insurance and other financial products that protect against unexpected losses.

  5. Creating money: Banks have the power to create money by lending more than they have on deposit. This can help stimulate economic growth by providing additional funds for investment and consumption.

  6. Promoting financial stability: Banks play a critical role in maintaining financial stability by managing financial risks and providing liquidity to the financial system during times of crisis.


Overall, banks are essential institutions that support economic growth and development by mobilizing savings, providing credit, facilitating payments, managing risks, creating money, and promoting financial stability.


Q 4. Affordable Credit

Ans) Affordable credit refers to loans and other financial products that are accessible to people with limited financial resources and low-income levels. It is designed to help individuals and communities overcome financial barriers and achieve their goals, such as buying a home, starting a business, or pursuing an education. Affordable credit is important for promoting economic growth and reducing poverty, as it enables individuals to invest in their futures and improve their financial well-being. However, many people are unable to access affordable credit due to a range of factors, including low credit scores, limited collateral, and high interest rates.


To promote affordable credit, governments, financial institutions, and non-profit organizations have developed a range of programs and initiatives that offer loans and other financial products with low interest rates and flexible repayment terms. These programs may also provide financial education and support to help borrowers manage their finances and build their credit scores. One example of an affordable credit program is microfinance, which provides small loans to individuals and small businesses in developing countries. Another example is the Community Reinvestment Act in the United States, which requires banks to meet the credit needs of low- and moderate-income communities. Overall, affordable credit is essential for promoting economic development and reducing poverty by providing people with the resources they need to pursue their goals and build a better future for themselves and their families.




Answer any two of the questions given below in 1000 words each. (30 x 2 = 40 marks)


Q 1. Explain the role of the Reserve Bank of India for Information Technology (IT) penetration in Rural India.

Ans) The Reserve Bank of India plays a key role in promoting Information Technology penetration in rural India. The RBI is the central bank of India and is responsible for formulating and implementing monetary policies in the country. The RBI's role in promoting IT penetration in rural India is aimed at improving the delivery of financial services and promoting financial inclusion. The following are some of the key roles played by the RBI in promoting IT penetration in rural India:

  1. Policy formulation: The RBI is responsible for formulating policies and guidelines related to IT penetration in rural areas. The RBI's policy framework is aimed at promoting the use of technology to deliver financial services in rural areas and to facilitate financial inclusion.

  2. Licensing and regulation: The RBI is responsible for licensing and regulating banks and other financial institutions that offer financial services in rural areas. The RBI ensures that these institutions comply with the regulatory requirements and guidelines related to IT penetration in rural areas.

  3. Infrastructure development: The RBI promotes the development of IT infrastructure in rural areas by providing financial support to banks and other financial institutions for setting up IT infrastructure in rural areas. The RBI also works with other government agencies and private sector partners to promote the development of IT infrastructure in rural areas.

  4. Capacity building: The RBI promotes capacity building in rural areas by providing training and education to the staff of banks and other financial institutions. This training is aimed at improving the skills of staff members in using IT for delivering financial services in rural areas.

  5. Financial inclusion: The RBI is committed to promoting financial inclusion in rural areas. The RBI's initiatives for financial inclusion include the use of IT to deliver financial services to rural areas. The RBI promotes the use of mobile banking, internet banking, and other IT-based financial services to improve the access of people in rural areas to financial services.

  6. Financial literacy: The RBI also promotes financial literacy in rural areas. The RBI's financial literacy initiatives include the use of IT to deliver financial education to people in rural areas. The RBI promotes the use of IT-based financial education programs to improve the financial literacy of people in rural areas. In addition to the above roles, the RBI has also launched several initiatives to promote IT penetration in rural India. One of the most significant initiatives is the Financial Inclusion Plan (FIP), which was launched in 2010. The FIP is a comprehensive plan aimed at providing banking services to all sections of society, especially in rural areas.


Under the FIP, the RBI has implemented a number of measures to promote IT penetration in rural India. One of these measures is the promotion of mobile banking. The RBI has encouraged banks to use mobile banking to deliver financial services to people in rural areas. Mobile banking is a convenient and cost-effective way to deliver financial services in rural areas, as it does not require physical branches or ATMs.


Another initiative of the RBI is the creation of payment banks. Payment banks are a new category of banks that have been licensed to offer basic banking services to people in rural and remote areas. Payment banks are allowed to accept deposits, provide remittance services, and offer payment services, but are not allowed to offer credit products like loans and credit cards. The RBI has encouraged payment banks to use IT to deliver financial services in rural areas.


The RBI has also launched the Jan Dhan Yojana (JDY) initiative, which is aimed at providing banking services to every household in the country. Under this initiative, bank accounts are opened for people in rural areas with no minimum balance requirement. The JDY initiative has been successful in promoting financial inclusion in rural areas.


Another important initiative of the RBI is the promotion of digital payments. The RBI has launched several initiatives to promote digital payments in the country, such as the Unified Payments Interface (UPI) and the Bharat Interface for Money (BHIM) app. These initiatives are aimed at promoting cashless transactions and reducing the dependence on physical currency.


431 districts have been designated by SLBCs so far for the purpose of achieving 100 percent financial inclusion, and as of the 31st of March in 2009, 204 districts in 18 states and 5 union territories have reported having reached the aim. When one considers the growth of the bank as well as the goods it offers, one cannot help but reach the conclusion that the requirement for further IT penetration is unavoidable.


In conclusion, the RBI plays a significant part in advancing the spread of information technology in India's rural areas. The Reserve Bank of India (RBI) is contributing to the overall economic development of the country by ensuring that people living in rural areas have access to financial services and that their financial wellbeing is improved through the formulation of policies, the regulation of financial institutions, and the implementation of initiatives. The initiatives that have been launched by the RBI, such as the Financial Inclusion Promotion (FIP) programme, payment banks, the Jan Dhan Yojana (JDY) programme, and digital payments, have been successful in promoting financial inclusion in rural areas and have the potential to transform the financial landscape of the country.


Q 3. Discuss government schemes and programmes of India to build financial Empowerment among women.

Ans) There are a considerable number of women living in India who are unable to participate in the country's economy for a range of social and economic reasons. The government of India, recognising the significance of women's economic independence, has initiated a number of initiatives and programmes in recent years in order to advance the cause of women's financial inclusion and independence.


Some of the Schemes and Programs are:


Pradhan Mantri Jan Dhan Yojana (PMJDY): PMJDY is a national financial inclusion program launched in August 2014. It aims to provide banking services, including deposit accounts, debit cards, and insurance, to every Indian household. Women are an important target group of this scheme, and special efforts have been made to open bank accounts for them. The scheme has been successful in promoting financial inclusion among women, with over 50% of the accounts opened under the scheme belonging to women.


Stand-Up India Scheme: The Stand-Up India Scheme was launched in 2016 to promote entrepreneurship among women and marginalized sections of society. The scheme provides loans between Rs. 10 lakhs and Rs. 1 crore to start-ups in the manufacturing, services, or trading sectors. The scheme also provides support for the development of the project report, creation of the business plan, and other technical and financial assistance.


Pradhan Mantri Mudra Yojana (PMMY): PMMY was launched in 2015 to provide collateral-free loans of up to Rs. 10 lakhs to micro and small enterprises, including women entrepreneurs. The scheme has been successful in promoting entrepreneurship among women, with around 70% of the beneficiaries being women.


Beti Bachao, Beti Padhao Yojana (BBBP): Launched in 2015, the BBBP scheme aims to promote the education and welfare of the girl child. The scheme also provides financial support to families that have a girl child. The scheme encourages the opening of Sukanya Samriddhi accounts, which provide a safe and secure investment option for the girl child.


Mahila E-Haat: Mahila E-Haat is an online marketing platform launched in 2016 for women entrepreneurs to sell their products. The platform provides an opportunity for women entrepreneurs to display and sell their products to a wider audience. The platform has been successful in promoting the entrepreneurship of women and has helped them to reach a larger market.


Ujjwala Yojana: Launched in 2016, the Ujjwala Yojana provides LPG connections to below-poverty-line households. The scheme aims to promote clean cooking fuel and reduce the use of traditional fuels such as wood and coal. The scheme has a special focus on women, with a target of providing LPG connections to women from below-poverty-line households.


National Rural Livelihood Mission (NRLM): NRLM was launched in 2011 to promote self-employment and entrepreneurship among rural women. The scheme provides financial support, training, and capacity building to rural women to start and run their own enterprises. The scheme has been successful in promoting entrepreneurship among rural women and has provided financial empowerment to many.


In addition to the schemes and programmes discussed earlier, there are several other government initiatives in India that aim to build financial empowerment among women:


National Urban Livelihoods Mission (NULM): NULM is a centrally sponsored scheme launched in 2013 to reduce poverty and vulnerability of the urban poor by enabling them to access self-employment and skilled wage employment opportunities. It provides financial assistance in the form of interest-free loans and subsidies to women for starting their own businesses.


Mahila Shakti Kendra (MSK): Launched in 2017, MSK is a sub-scheme under the umbrella scheme of Mission for Protection and Empowerment for Women. It aims to empower rural women through community participation, awareness generation, and skill development. The programme provides financial support for training and capacity building of women, as well as for the establishment of Mahila Shakti Kendras (women power centres) in every block of the country.


Sukanya Samriddhi Yojana (SSY): This is a small savings scheme launched in 2015 for the benefit of the girl child. It provides a long-term investment option with tax benefits and a higher rate of interest compared to other small savings schemes. Parents or legal guardians of a girl child can open an SSY account in her name and make deposits until she turns 18. The funds can be used for her education or marriage expenses.


In conclusion, the government of India has launched several schemes and programs to promote financial empowerment among women. These schemes aim to provide access to financial services, promote entrepreneurship, and provide financial support to women. The success of these schemes is evident in the increased participation of women in the economy and the financial inclusion of marginalized sections of society. However, there is a need to continue the efforts to ensure that women have access to financial services and are financially empowered.

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