An analytical study on initiatives and impact of financial inclusion in India

Abstract

Finance has become an essential part of an economy for development of the society as well as economy of nation. For, this purpose a strong financial system is required in not only in under-developed countries and developing countries but also developed countries for sustainable growth. Through Financial inclusion we can achieve equitable and inclusive growth of the nation. Financial inclusion stands for delivery of appropriate financial services at an affordable cost, on timely basis to vulnerable groups such as low-income groups and weaker section who lack access to even the most basic banking services. Recently India has taken several steps towards financial inclusion for achieving faster inclusive growth. However, the levels of financial inclusion of the states in India have a low mean and high disparity. In this paper, the researcher attempts to understand financial inclusion and its importance for overall development of society and Nation’s economy.