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Financial inclusion in India: A review
M. Sriram,
Published in Research India Publications
Volume: 11
Issue: 3
Pages: 1575 - 1578
This article discusses reviews of financial inclusion in India to identify how it serves the households and economy for growth. A predominant role is being played by financial inclusion policy for inclusive growth all over the world to transform financially excluded population which is numbered as 2.5 billion, of which, one third is populated in India. Financial inclusion is originated from the initiatives of United Nations, which extensively reported the key goals of the policy as access to wide range of financial services to all at an affordable cost, which started its operation effectively in India in the year 2005. As India is the land of rural supremacy, it is mandate to provide suitable financial services for economic growth which will increase the income and living standards of the households. Consequently, greater financial inclusion in rural segments is crucial meanwhile the focus on urban and suburban regions is also required. The core objective of this study is to review literature on financial inclusion in the Indian perspective, discussed by different researchers all over the world and also to highlight the awareness level of financial inclusion, digital financial inclusion and barriers confronted to financial access. The vision of the Reserve Bank for the year 2020 is to open more than new 600 million customer accounts. It is expected from the government to encourage the banks to adopt financial inclusion for proper financial assistance to achieve full inclusion in this decade. © Research India Publications.
About the journal
JournalInternational Journal of Applied Engineering Research
PublisherResearch India Publications