Sustainable Development – Involvement of Financial Institution for Eradicating Poverty

The matter of sustainable development remains as the most debatable topic in the present era. Sustainable development is the development that meets the needs of the present without compromising the ability of the future generation to meet their own needs. Developing nation requires speedy economic growth but when it comes to effective poverty reduction, its distribution of that growth matters. Any country can be sustainable only when it’s inclusive. To achieve sustainable development goal regarding no poverty and zero hunger especially in the developing nation like India, requires a healthier credit facility to the people of the nation, mainly disadvantage group and continuous government efforts with the coordination or cooperation of Indian Financial System. This paper offers a theoretical aspect of reduction in poverty with the help of financial system of the nation which include the formal as well as informal finance source for the disadvantage group. The study also focuses on basic concept of financial inclusion, economic development by the way of cooperative credit society and Government initiatives like “Pradhan Mantri Jan Dhan Yojna”, “Atal Pension Yojna”, Pradhan Mantri Suraksha Bima Yojna” for the development of each household and getting connected with formal financial source. So that target of reducing poverty can be achieved by cooperation between Government and financial system.