A Study on Status of Financial Inclusion in India
Keywords:
Financial inclusion, inclusive growth, banks, Indian economyAbstract
“If the misery of the poor be caused not by the laws of nature, but by our institutions, great is our sin.”
- Charles Darwin
Financial sector is the backbone for any developing nation. So the focus has to be on growth and stability of financial position of all citizens of the country in order to ensure continuous development. Consequently financial inclusion plays an indispensable role in inclusive growth of an economy. In simple terms financial inclusion strives to address the challenge of poor access of financial services to rural masses in India. The origin of financial inclusion can be traced back to the year when United Nation initiatives were undertaken which specified the provision of credit, insurance, savings and other banking services to all ‘bankable hoseholds.’ Government of India has been very active towards improving the level of financial inclusion and for this numerous efforts have been undertaken by government. Through this paper an attempt has been made to provide an overview on status of financial inclusion in India in past few years. On the basis of analysis conducted, it can be stated that the financial inclusion is in progressive stage in India in terms of branch penetration. But certain efforts towards inclusive growth are still is nascent stage and needs to be given a concrete shape with the collaborative effort of Government of India along with citizens of the nation.
References
Ambarkhane, D., Singh, A. S., & Venkataramani, B. (2016). Measuring financial inclusion of Indian states. International Journal of Rural Management, 12(1), 72-100.
Dangi, V. (2012). Financial Inclusion: A Saga of Indian Financial System. Asia-Pacific Journal of Management Research and Innovation, 8(2), 111-125.
Dev, S. M. (2006). Financial inclusion: Issues and challenges. Economic and political weekly, 4310-4313.
Garg, S., & Agarwal, P. (2014). Financial Inclusion in India–a Review of Initiatives and Achievements. Journal of Business and Management (IOSR-JBM), 16(6), 52-61.
Gupta, J. (2018). Government Initiatives for Financial Inclusion in India. Asian Journal of Research in Business Economics and Management, 8(2), 32-41.
Islam M.N. (2012). The Microfinance Guarantee For Financial Inclusion: Evidence To Support In India, Indian Journal of Commerce & Management Studies, III(1), 130-134.
Kaur, M. S., Kaur, M. M., & Madan, M. P. (2017). Financial Inclusion in India. International Education and Research Journal, 3(5), 655-658.
Kumar, N. (2013). Financial inclusion and its determinants: evidence from India. Journal of Financial Economic Policy, 5(1), 4-19.
Mehar, L. (2014). Financial inclusion in India. Innovative Journal of Business and Management, 3(4), 42-46.
Paramasivan, C., & Ganeshkumar, V. (2013). Overview of financial inclusion in India. International Journal of Management and development studies, 2(3), 45-49.
Ranjani, K. S., & Bapat, V. (2015). Deepening Financial Inclusion Beyond Account Opening: Road Ahead for Banks. Business Perspectives and Research, 3(1), 52-65.
Sehrawat, M., & Giri, A. K. (2016). Financial development and poverty reduction in India: an empirical investigation. International Journal of Social Economics, 43(2), 106-122.
Singh, D., & Singh, H. (2016). Market Penetration by Indian Banks: Motives and Motivators. Indian Journal of Finance, 10(3), 28-42.
Sarma, M., & Pais, J. (2011). Financial inclusion and development. Journal of International Development, 23(5), 613-628.
Sriram, M., & Sundaram, N. (2015). Financial inclusion index: a customized regional model with reference to economically most backward districts of Tamil Nadu, India. Mediterranean Journal of Social Sciences, 6(6), 209.
Tamilarasu, D. A. (2014). Role of Banking sectors on financial inclusion development in India–An analysis. Galaxy International Interdisciplinary Research Journal, 2(2), 272-276.
Chakrabarty K.C (2011). Financial Inclusion: A Road India Needs to Travel, RBI Bulletin, November, 2011.
Chakrabarty, K. C. (2013). Financial Inclusion in India – Journey So Far and Way Forward. Keynote Address at the Finance Inclusion Conclave. Organized by CNBC TV, 18.
International Monetory Fund (2016). Financial Access Survey. Retrieved from https://www.imf.org/en/ News/Articles/2016/10/03/PR16441-IMF-Releases-the-2016-Financial-Access-Survey
Karmakar, K. G. (Ed.). (2008). Microfinance in India. SAGE Publications India.
Leeladhar V (2005). Taking Banking Services to the Common Man – Financial Inclusion, Commemorative Lecture at the Fedbank Hormis Memorial Foundation at Ernakulam.
Ministry of Finance (2016). Overview and Progress on Financial Inclusion. Retrieved from http://financialservices.gov.in/sites/default/files/Overview%20and%20Progress%20on%20Financial%20Inclusion%20.pdf
Ramji, M. (2009). Financial inclusion in Gulbarga: Finding usage in access. Institute for Financial Management and Research Centre for Micro Finance. Working paper.
Reserve Bank of India (various years). Report on Trend and Progress of Banking in India. Retrieved from https://www.rbi.org.in/scripts/AnnualPublications.aspx?head=Trend%20and%20Progress%20of%20Banking%20in%20India
