Volume : IV, Issue : X, October - 2014

Financial Inclusion: Specifics From India

Mohit Kumar, Dr. Kushendra Mishra

Abstract :

Financial inclusion has been instrumental in shaping up major policy decisions directed towards achievement of an all–inclusive society. It holds major cards for speeding up the engines of development of the nation. Financial inclusion is a process which tries to secure the availability of financial products and services for the weaker sections at a reasonable price in an unbiased manner by organized financial institutions. The basic idea is to expand the reach of financial services to the large needysections of the society and achieve oad based improvement in the living standards of all people. It intends to connect people to banks with consequential benefits. Ensuring that the banks play their due role in promoting inclusive growth is a hard but a decisive task in the emerging economy. The banking industry is making rapid strides with Information technology driven initiatives and has led to expansion of financial services giving birth to the concept of Financial Inclusion. The paper is divided into three sections. The first section analyses the measures taken by the banks for financial inclusion. The second section gauges the extent of financial inclusion. The paper highlights the problems encountered by banks in financial inclusion such as high cost, more time consumption, heavy work load and improper repayment and suggests that banks should enhance their reach by products like no frills account, awareness programs and similar campaigns.

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Article: Download PDF   DOI : 10.36106/ijar  

Cite This Article:

Mohit Kumar, Dr. Kushendra Mishra Financial Inclusion: Specifics From India Indian Journal of Applied Research, Vol.4, Issue : 10 October 2014

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