Financial Inclusion System in India

Abstract

Financial inclusion is an important step towards inclusive growth. As access to finance by the poor and vulnerable groups is perquisite for poverty reduction, employment generation and economic growth. In India more than 70% of population resides in rural areas, so effective financial inclusion is needed for upliftment of the poor’s and disadvantage people by providing them the modified financial products and services. It is priority of country in terms of economic growth and advancement of society as it enables the poorest and vulnerable groups to step out of poverty and reduces the inequality in society. The relevant data for the study is collected from various online sources, research paper, articles, government and RBI report. The researcher uses descriptive study to examine the present scenario and analyze the role of digital banking in financial inclusion.