Prosress and Prospects of Financial Inclusion in India

Abstract

Financial inclusion is considered as an effective means to sustaitiable economic growth, and is intended to ensure that each citizen of the country is able to use their earnings as a national financial resource for redeployment in productive sectors of the economy. Such pooled financial resourcescan be channelized to develop enterprises, fueling the nation's progress. While inclusive banking began, in spirit, with the nationalisation of banks in 1969 and 1980 in India, the real thrust on fi7iancial inclusion (FI) came in 2005 when the Reserve Bank of India (RBI) highlighted its significance in its annual policy statement of 2005-06.