Paper Title :Financial Inclusion in India- “A Catalyst for Sustainable Economic Growth”
Author :Anjum Ubaid Siddiqui
Article Citation :Anjum Ubaid Siddiqui ,
(2018 ) " Financial Inclusion in India- “A Catalyst for Sustainable Economic Growth” " ,
International Journal of Management and Applied Science (IJMAS) ,
pp. 61-68,
Volume-4,Issue-2
Abstract : One of the biggest economic stories of our time is the reduction of poverty across the globe.A well developed
financial system brings poor people into the mainstream of the economy and allows them to contribute actively towards
personal economic growth. It has been rightly said by Franklin.D.Roosevelt “the test of our progress is not whether we add
more to the abundance of those who have much, It is whether we provide enough for those who have little”.As the approach
to12th five year plan (2012-2017) is faster, sustainable and more inclusive growth., the key to Inclusive growth is Financial
Inclusion. It isemerging as the new paradigm of economic growth. Financial inclusion is delivery of banking services at an
affordable cost to the vast sections of disadvantaged and low income groups. The main focus of financial inclusion is to draw
the unbanked population into formal financial system so that they have the opportunity to acess financial services ranging
from savings ,payments transfers to credit and insurance. Though our country's economy is growing steadily, still the growth
is not inclusive with the economic condition of the people in rural areas worsening.There has been many formidable
challenges associated with financial inclusion such as bringing the gap between the sections of the scociety which are
financially excluded within the ambit of formal financial system,providing financial literacy and strengthening credit
delivery mechanism so as to invigorate economic growth.A nation can grow economically and socially if its weaker section
can turn out to be financially independent. So an inclusive sectorshould not only serve the bankable clients, but also integrate
the "unbankable"clients by making them "bankable".The present paper highlights the significance of financial inclusion in
social and economic development of the society.The study focusses on the role of financial inclusion in strengthning India‟s
position in relation to other country‟s economy and the efforts of RBI in achieving it.For analysing such facts, data has been
compiled through secondary sources and articles. After analysing the facts and figures it has been concluded that financial
inclusion plays a major role in driving away the poverty from the countrybut still there is a long road ahead to achieve the
desired results . No doubt it is playing a significant role and is working in a positive direction.
Keywords: Financial Inclusion, Reserve Bank of India ,NABARD ,No- frills account
JEL Classification: G20, G21, G23
Type : Research paper
Published : Volume-4,Issue-2
DOIONLINE NO - IJMAS-IRAJ-DOIONLINE-11038
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Published on 2018-04-06 |
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