Including the Excluded: The Scenario of Financial Inclusion in India
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 2
Abstract
The term ‘Financial inclusion’ generally understood to mean the process of ensuring access to appropriate financial products and services needed by all sections of society including vulnerable groups such as weaker sections and low-income groups at an affordable cost. Both developing and developed countries have faced the challenge of including the people those who are financially excluded. Financial inclusion has a direct impact on the growth of the economy of the country. The reserve of bank of India and Government of India has taken many initiatives to include the people those who financially excluded. This paper outlines the various barriers that impede financial inclusion in India. This study also aims to reveal the outcome of initiatives taken by RBI and GOI. This paper is based on the secondary data collected from the different sources. The results of this study indicate that the initiatives taken by Reserve bank of India and Government of India has reached the majority of the financially excluded people in India. Lack of financial literacy and Low and irregular income affects the growth rate of financial inclusion in India.
Authors and Affiliations
Dr. N. Rajasekaran
Keywords
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- DOI 10.9790/487X-2002076469.
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