Financial Inclusion Plan in India: Prospect and Challenges
6 Pages Posted: 3 Jan 2017
Date Written: Dec 23, 2016
The main objective of the research paper is to examine the progress financial inclusion plan in India during 2010 to 2015. The study is based on secondary data. Secondary data has been collected through reports and statistics from Reserve Bank and Ministry of Finance. The philosophy of Financial Enclosure is not a new. It has become a slogan now and has anxious the global consideration in the recent past. Lack of accessible, affordable and suitable financial services has always been a universal problem. India is home to the second largest population (1.22 billion, census 2011) and largest unbanked population in the world (40% unbanked population). As per Census 2011, 58.7% households are availing banking services in the country Financial inclusion can honestly lift the financial situations and standards of life of the poor and the deprived groups. Progress of financial inclusion since the launch of financial inclusion plans clearly indicates that banks are progressing in areas like opening of banking outlets, deploying BCs, opening of BSBD accounts, grant of credit through KCCs and GCCs.
Keywords: Financial Inclusion, Plan, Basic Saving
JEL Classification: E5, E58, F38, D14
Suggested Citation: Suggested Citation