Financial Inclusion in India: An Analysis

Abstract

Financial inclusion is the recent concept which helps to achieve the sustainable development of the country, through available financial services to the unreached people with the help of financial institutions. Financial inclusion can be defined as easy aces to formal financial services or systems and their usage by all members of the economy. These members include government, banks, private and social sector. Financial Inclusion is described as the method of offering banking and financial solutions and services to every individual in the society without any form of discrimination. It primarily aims to include everybody in the society by giving them basic financial services without looking at a person’s income or savings. Financial inclusion chiefly focuses on providing reliable financial solutions to the economically underprivileged sections of the society without having any unfair treatment. It intends to provide financial solutions without any signs of inequality. It is also committed to being transparent while offering financial assistance without any hidden transactions or costs. This paper helps in studying the present scenario of Financial Inclusion in India, and the various efforts and initiatives taken by the RBI, GOI and other banking institutions towards it.