IMPACT OF FINANCIAL INCLUSION ON INDIAN ECONOMIC DEVELOPMENT
Author(s):
VENKATA GIRISH KUMAR I, Dr.N.Guravaiah
Keywords:
Financial Inclusion; Economic Growth; Indian Economic Development, Poverty, Income Inequality, Financial Stability
Abstract
Financial inclusion is developing as a new economic development paradigm that plays an important role in pushing poverty away. It refers to the provision, at a reasonable price, of bank services to masses including wealthy and underprivileged individuals. Financial inclusion in terms of economic development and advancement of society is a significant goal for the nation. It reduces the gap between the wealthy and the poor. Even an inclusive financial system is essential for a nation's sustained development and progress in which all sectors of society have timely and inexpensive access to financial services. Financial inclusion aims, in particular in rural regions, to encourage growth and provide employment for a large majority of the people. The financial inclusion process includes ensuring that each family has bank accounts and that they are included in the banking system. The financial system has a first-class effect on long-term economic growth. Since independence, the Reserve Bank of India has attempted a number of steps to increase access to cheap financial services via financial education, leveraging technology and raising awareness. It enables secure custody of funds, availability for multi-purpose loans, risk diversification via numerous avenues of investment, risk protection through different insurance products, etc., which facilitates and makes people's lives more comfortable. The research paper examines the effect on economic growth in India of financial inclusion.
Article Details
Unique Paper ID: 152695

Publication Volume & Issue: Volume 8, Issue 4

Page(s): 134 - 139
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