A Study on Financial Inclusion in Indian perspective and inclusive growth

A Study on Financial Inclusion in Indian perspective and inclusive growth
Author(s):
SUDHAKARA.H.Y.
Keywords:
Financial inclusion, role, RBI initiatives.
Abstract
Reserve bank of India and government play an important role in promoting financial inclusion for economic growth. The issue of financial inclusion is emerging as the new paradigm of economic growth. Financial inclusion plays a major role in driving a way the poverty from the country. Financial inclusion refers to delivery of banking services to masses including privileged and disadvantaged people at an affordable terms and conditions. Lack of access to financial services in most of rural areas due to high informative barriers and low awareness, poor functioning and financial history of financial institutions, near absence of insurance and pension service create the need and scope of financial inclusion. Fruits of development have hardly reached to nearly half of Indian population because no access to loan and insurance and this raises most pertinent issue of financial inclusion. The three major aspects of financial inclusion are (i) Access financial market (ii) Access credit market (iii) Learn financial matters. This paper is prepared on the basis of secondary sources. This paper consists of definitional concepts, scope, need, role of financial inclusion etc.
Article Details
Unique Paper ID: 161976 Publication Volume & Issue: Volume 10, Issue 4 Page(s): 609 - 614
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