INCLUSIVE GROWTH OF INDIA: STATUS AND CHALLENGES OF THE FINANCIALLY EXCLUDE
1
Author(s):
MAHIMA RANA
Vol - 9, Issue- 2 ,
Page(s) : 66 - 77
(2018 )
DOI : https://doi.org/10.32804/CASIRJ
Abstract
With tremendous growth in digitalization of banking and payment systems, accessibility to financial services has become easier. Still, a majority of people in India remain excluded from this economic growth. According to World Bank estimates there are about 2 billion adults around the world without any access to bank accounts. In India, the Government and RBI have taken various steps to tackle this problem, but financial inclusion still remains an issue. A sizeable section of the population, particularly financially weak and women, remain out of limits from banking facilities. This increases their vulnerability to exploitation at the hand of money lenders, corruption, and other evils of the society. In order to make India’s growth inclusive, penetration of financial services sector into the remotest of locations is necessary. This study aims to explain the need for financial inclusion and focuses on measures taken by Governmentof India and the banking sector for to bring inclusiveness in the Indian growth story.
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