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European Journal of Business &

Social Sciences

Available at https://ejbss.org/

ISSN: 2235-767X

Volume 06 Issue 11

November 2018

Available online: https://ejbss.org/ P a g e | 90

Status and Journey of Financial Inclusion in India

RITU BANSAL

Assistant Professor, Faculty of Commerce,

S.D. (PG) College, Panipat

ABSTRACT

Inequality and exclusion are the two biggest problems of economy and world. The roots of these

problems are gone very deep. So to eradicate the problems of exclusion, inclusion growth is so

much necessary. Many researchers have realized that the problems of exclusion create obstacles in

the path of inclusion. Thus the inclusive growth is mandatory for the sustainable growth and

development of economy. Providing opportunities for every person for improving his standard of

living is necessary for a developing and prosperous economy and country. People’s growth is

possible when they are connected with vital networks of modern economy. Many people,

especially women, still lack access to financial services as well as financial literacy, which is a key

for social inclusion. Financial access means access to a full suite of financial services provided

with quality for everyone who can use financial services. It is necessary that every person

understand the importance of financial inclusion. It is necessary to understand that the key

ingredient of inclusion is financial inclusion. Inclusive growth refers to both pace and pattern of

economic growth. Financial inclusion means to provide sustainable, affordable, safe, accessible

life to human being with the help of a tool which is called finance. It helps in mobilizing the

saving of person, make money from money, taking affordable loans, deposit money into banks,

taking insurance for protecting their own lives and their families. Thus in this paper my main

emphasis on the financial inclusion and economic growth.

Key Words: financial inclusion, economic growth, government schemes, PMJDY, financial

literacy, commercial banks.