An Analysis of Financial Inclusion of India

By : Charan Singh , Ayanendu Sanyal

Page No: 309-320

Abstract
Financial inclusion (FI) means the assurance that all individuals, especially those who are marginalised, and businesses have easy and economical access to financial products and services. This includes financial services like accounts in financial institutions, facility for institutionalised credit, insurance, and other financial products that empower an individual to participate in the economy. The concept of FI has acquired greater relevance in the recent years, as access to financial services is considered as a major stimulant of economic growth and poverty reduction. Individuals who are unable to access financial services, may be excluded from the formal financial system, leaving them vulnerable to financial shocks. This article argues that since 2014, the Reserve Bank of India (RBI) and the Government of India (GoI) have formulated strategies to boost FI and explains how it helped India in surviving financial shock during the pandemic, one of the greatest crises the world has seen. It also concludes that more work is needed in this area, which is where policy makers should focus on.

Authors :
Charan Singh : CEO, EGROW Foundation, Noida, India.
Ayanendu Sanyal : Expert (Honorary), EGROW Foundation, Noida, India
 

DOI: https://doi.org/10.32381/PROD.2023.64.03.8