FINANCIAL INCLUSION IN INDIA – AN ASSESSMENT

Abstract

Financial inclusion can be defined as a process of providing financial services to the poor and deprived sections of the society, whose income is low. The main objective of financial inclusion is to remove all the barriers that prevent people from getting financial assistance and provide financial services without any discrimination like banking i.e., savings and payments through bank branches, ATM, cheques, and e-transfer; Insurance i.e., life as well as non-life (general) insurance; credit i.e., loans at affordable rates; investment opportunities like mutual funds, pension plans, child investment plans etc. This paper is an attempt to know about the present status of financial inclusion and various measures taken by government for greater financial inclusion in India. The paper highlights the impact of financial inclusion if they are present or absent in an economy and importance of financial inclusion in economic and social development.