International Journal of Commerce & Business Management

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Analysis of Financial Inclusion in India


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1 School of Business Studies, Punjab Agricultural University, LUDHIANA (PUNJAB), India
     

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Access to finance by the lower section of society and vulnerable groups is essential for poverty reduction and social cohesion. In India out of 5.92 lakh villages only .49 lakh villages have bank branches. Financial inclusion is considered an important factor for development of society and the country as a whole.This article focuses on the current status of financial inclusion in India, initiatives taken by RBI, Government of India for achieving financial inclusion. After analyzing the facts and figures it was concluded that financial inclusion has become a new paradigm of economic and societal growth which can help in driving away the poverty. No doubt financial inclusion is playing a catalytic role for the economic and social development of society but financial illiteracy, high costs by banks, technology are challenges which need to be overcome.

Keywords

VFinancial Inclusion, Business Correspondents, Financial Stability, no Frill Accounts, Financial Inclusion Index, Microfinance.
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  • Analysis of Financial Inclusion in India

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Authors

Avneet Kaur
School of Business Studies, Punjab Agricultural University, LUDHIANA (PUNJAB), India

Abstract


Access to finance by the lower section of society and vulnerable groups is essential for poverty reduction and social cohesion. In India out of 5.92 lakh villages only .49 lakh villages have bank branches. Financial inclusion is considered an important factor for development of society and the country as a whole.This article focuses on the current status of financial inclusion in India, initiatives taken by RBI, Government of India for achieving financial inclusion. After analyzing the facts and figures it was concluded that financial inclusion has become a new paradigm of economic and societal growth which can help in driving away the poverty. No doubt financial inclusion is playing a catalytic role for the economic and social development of society but financial illiteracy, high costs by banks, technology are challenges which need to be overcome.

Keywords


VFinancial Inclusion, Business Correspondents, Financial Stability, no Frill Accounts, Financial Inclusion Index, Microfinance.

References