FINANCIAL INCLUSION IN INDIA – AN OVERVIEW

An inclusive financing system is among the top priorities for many countries and considered to be instrumental technique in achieving the inclusive growth of country. The concept of financial inclusion becomes an opportunity for the nation to reduce poverty and provide equal distribution of wealth. Financial inclusion is the delivery of banking and financial services to all sections of society including disadvantage, excluded population and low income group in a fair and transparent manner at affordable cost. This paper is an attempt to discuss the theoretical overview of financial inclusion in India and in addition, paper also serves the purpose of researchers, bankers and policymakers as it provides adequate studies at a single –point on financial inclusion. It covers the concept of financial inclusion, strategy’s adopted by RBI and government of India for financial inclusion and also highlights the financial inclusion index to measure the extent of financial inclusion in India(CRISIL Inclusix).It also covers the determinants of barriers to financial inclusion. After analyzing the facts and figures it can be concluded that financial inclusion is playing a catalytic role for the economic and social development of country but still there is a long road that India needs to travel to achieve inclusion growth and to become a global player.