Every one of us has a little activist within us, urging us to stand up for what is right. At the heart of these values lies the concept of human rights—fundamental freedoms and protections that belong to every individual, regardless of their background, nationality, or identity.
Human rights, as outlined by the United Nations in 1948, are universal and inherent to all human beings. These rights are enshrined in the Universal Declaration of Human Rights (UDHR), which consists of 30 articles that cover a wide range of civil, political, economic, social, and cultural rights.
A commitment to human rights is not just an ideal; it’s a collective responsibility that extends across various sectors of society, including the financial industry. Just as individuals have the right to live with dignity, the institutions and systems that shape our economy must also play a crucial role in safeguarding these rights.
Let’s take a closer look at how these rights are upheld in the Indian financial system and the role the sector plays in ensuring the protection and promotion of human rights.
The Indian financial system acts as a backbone for economic development. However, it is not just a technical field concerned with numbers; it is deeply tied to the societal fabric. Here’s how finance can actively support human rights:
India’s financial system upholds the right to equality by promoting non-discriminatory practices. The Reserve Bank of India (RBI) ensures inclusive banking through policies that support marginalised groups, such as women, Dalits, and tribals, with initiatives like the MUDRA Yojana, which provides financial assistance to entrepreneurs from disadvantaged backgrounds.
The Indian financial system ensures access to legal recourse and fair treatment through mechanisms like the Consumer Protection Act, RBI grievance redressal, and banking ombudsman schemes, allowing individuals to resolve disputes with financial institutions. To prevent exploitation, the RBI and SEBI enforce regulations that curb harmful practices such as usury, high interest rates, and discriminatory lending, safeguarding vulnerable groups from unfair financial products.
The financial system in India supports the right to freedom of movement by providing access to bank accounts and digital payments, which allow individuals to easily access funds wherever they are. This is particularly crucial for people in rural or remote areas who need to travel to access financial services or make transactions.
The Indian financial sector offers education loans through schemes like the Vidya Lakshmi Portal, which aims to provide financial assistance to students for higher education. The financial system also supports financial literacy programmes, helping people understand their rights and how to access educational resources.
The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) mandate that financial transactions be secure and free from unauthorised access. Additionally, banks and other financial entities utilize encryption technologies, multi-factor authentication, and other security features to protect sensitive information during online transactions.
Conclusion
In conclusion, the Indian financial system plays a vital role in promoting and protecting human rights Through regulatory frameworks and mechanisms, the sector also fosters an environment of fairness, empowering citizens to exercise their rights. As India continues to develop, the financial system’s commitment to human rights will remain crucial in shaping a more equitable and just society.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
We're Live on WhatsApp! Join our channel for market insights & updates
Get the link to download the App
