Contributorial Role of Banking sector in Financial Inclusion in India

ANIL BHUYAN

Abstract


The growth of Indian economy is facing so many challenges like poverty, unemployment and to bring Financial Prosperity to the weaker section of society. The Governor of RBI was looking for the ‘Financial inclusion’ as one of the fundamental key pillars in Economic Development reforms and measures imitated to effectively achieve the goal of financial inclusion. Financial inclusion is an innovative paradigm of the banking industry likewise economic development that plays an important role in the elimination of poverty in the country. Financial inclusion is the delivering financial or banking services to the masses including privileged and disadvantaged people at an affordable cost with some terms and condition in a fair and transparent manner. That promotes thrift and develops a culture of saving, improves access to credit both entrepreneurial and personal emergency and enables efficient payment mechanism. Since now, most of the rural population of India isn't enclosed within the inclusive growth so the concept of the financial inclusion still a challenge for the Indian economy. There are lots of initiative are taken by the government of India, RBI, NABARD, and the implementing agencies in favor of the financial inclusion but still, the impact of financial inclusion did not give satisfactory results. The propose of the paper is to examine the present scenario of the financial inclusion in India and the level of financial inclusion in India.


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ISSN : 2251-1547