Volume : III, Issue : VI, June - 2013

Role of Banks in Financial Inclusion

Parameshwara, Dr. A. Raghurama

Abstract :

Financial inclusion relates to the provision of affordable financial services like, access to payments, remittance facilities, savings, loans and insurance services by the formal financial system to those who tend to be excluded. Inclusive economic growth has been one of the priority agendas of the Government of India (GOI) over the past decade. Financial access will attract global market players to our country and that will result in increasing employment and business opportunities, which leads to economic development of the country. Inclusive growth will act as a source of empowerment and allow people to participate more effectively in the economic and social process. It is evident from the data given below and the RBI annual report that even though various measures have been taken and more flow of credit to various sector of the economy, still majority of the population in rural areas have not come under the concept of FI. The government of India and the Banks functioning in India have to play major role in financial literacy to include the excluded.

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Article: Download PDF   DOI : 10.36106/ijar  

Cite This Article:

Parameshwara, Dr. A.Raghurama Role of Banks in Financial Inclusion Indian Journal of Applied Research, Vol.III, Issue.VI June 2013

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