Impact of Commercial Banks on Financial Inclusion and Indian Economy
Ashutosh Kumar, Assistant Professor, AKS University, Satna (Madhya Pradesh), India.
Manuscript received on May 25, 2019. | Revised Manuscript received on June 09, 2019. | Manuscript published on June 15, 2019. | PP: 24-26 | Volume-3 Issue-10, June 2019. | Retrieval Number: J02840631019/19©BEIESP
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© The Authors. Published By: Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: The term financial inclusion means a comprehensive and holistic process of ensuring access to financial services and credit by vulnerable and marginalized group in the society. Inclusive growth means broad- based benefits to all section of people. The eleventh five year plan (2007-12) envisioned inclusive growth as a key objective. India’s Twelfth five year plan (2012-17) which its focus on faster inclusive and sustainable growth has put the growth debate in right perspective. Financial Inclusion growth is possible only through proper mechanism which channelizes all the resources to all the direction of the customers. it is an innovative concept which makes alternative techniques to promote the banking habits of the rural people. Because India is considered as largest rural populations in the world and belongs to agriculture activities, financial inclusion is aimed at providing banking and financial services to all people in a fair, transparent and equitable manner at affordable cost. Households with low income often lack access to bank account and have to spend time and money for multiple visits to avail the banking services, be it opening a savings bank account or availing a loan, these families find it more difficult to save and to plan financially for the future. This paper is an attempt to discuss the overview of financial inclusion in India.
Keywords: Financial Inclusion, Reserve Bank of India, Financial Institutions. Indian Economy.