Review of Initiatives taken by the Government and the Banking Regulator for Successful Transition to a Financially Inclusive Economy: An Empirical Study of India

Abstract

The current study was taken up to review the initiatives taken by the Government of India and Reserve Bank of India to promote financial inclusion in India. The aim was also to study the impact of these initiatives on the financial inclusion. The paper also intended to explore the impact of increasing penetration of mobile phone and internet on financial inclusion. The study revealed that government initiatives like Pradhan Mantri Jan Dhan Yojana, Aadhar Enabled Payment Systems and Direct Benefits Transfer; regulatory reforms by Reserve Bank of India such as Immediate Payment Service, Prepaid Payment Instruments, differentiated banks; digital revolution and active participation of private technology companies, are facilitating in successful transition into a financially inclusive economy.