The Health Benefits of Financial Inclusion
In 2005, the Reserve Bank of India incentivized the opening of new bank branches in underserved districts throughout the country. Banks stimulated local economic activity, offered banking services – including health insurance – to households, and provided credit to hospitals, while healthcare demand and supply increased, and households showed improved health outcomes.
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LONDON – At least half of the global population lacks access to essential health services, and health-care expenses push almost 100 million people into extreme poverty each year. How scarce resources are distributed should matter, and there are good reasons to believe that finance could play a crucial role in addressing this challenge. More than 60 countries have launched national financial-inclusion strategies, and academic research is keen on understanding their impact.