Analysis on Financial Inclusion of Indian States

Dr. Eknath B Khedkar




Secure admittance to trouble-free and inexpensive credit and other monetary services by the vulnerable groups in deprived regions is acknowledged as a prerequisite for accelerating growth and reducing poverty. Well accessed financial system, provides identical prospects, allow backward and socially debarred populace to incorporate into the economy and enthusiastically contribute towards their own development and also towards the development of the economy. Despite the extensive international agreement and implementing various policies concerning the importance of financial inclusion, it is projected that across globe over two billion people are presently excluded from right of access to basic financial services. In developing nations, globally as well as in India a hefty section of society, specifically the lower-income people, has petite admittance to financial services, both formal and semi-formal. They still don’t believe in well accessed financial services and severely lack knowledge of easily available financial services. As a consequence, majority of them get excluded from the formal financial services and some of them depends on some informal sources at an irrationally high cost. The condition is even more worst in least developed countries (LDCs), where majority of the populace almost 90 percent is debarred from accessing the basic financial services or assistance. This research is an attempt to understand the financial inclusion globally and in our country, current status of penetration of financial inclusion and impact of literacy and poverty in promoting financial inclusion.


Keywords: Financial services, financial system, literacy.

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ISSN : 2251-1547