ROLE OF BANKS IN FINANCIAL INCLUSION – AN EXPLORATORY STUDY

Abstract

The concept of Financial Inclusion is not new to the world in fact many countries have started working on it since long back. The importance of financial inclusion is recognized as more important after the global financial crisis of 2008-09, as the major portion of the world was excluded from financial services. The situation in India is also not different than the world, even today at many people in the society are deprived from basic financial services. In this regard, financial inclusion has become major agenda of central bank of the nation, and is now a common objective for all the banks. The banking sector takes a lead role in promoting financial inclusion. So for the last decades India’s banking system has several outstanding achievements to its credit. The banks have reached even to the remote corners of the country. This paper attempts to explore and explain the major reforms carried out in the banking sector under with the objective of financial inclusion. KEY WORDS: Financial Inclusion, Financial literacy, Banking, Financial Services, Banking System