FINANCIAL INCLUSION IN INDIA – AN OVERVIEW OF FINANCIAL INCLUSION INITIATIVES

Abstract

Financial inclusion is a tool for connecting every individual of the society to the formal financial system. Many backward unprivileged individuals are out of coverage of financial services. Financial inclusion is an attempt to help the society who have not access to financial services to participate in the financial management and avail financial services like banking ,insurance, overdraft etc,. Financial inclusion is a process of ensuring access to financial services timely and to the needed weaker sections. Government of India has announced various schemes for the purpose connecting people to financial services. This paper attempts to provide the various initiatives undertaken by the government of India for Financial inclusion of poorer and weaker sections of the society. KEYWORDS: Financial Inclusion, Initiatives, Financial Literacy, Baking, Banking penetration