Financial Inclusion In India

Financial inclusion or inclusive financing refers to the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of the society. It is particularly important in India because even after 60 years of independence, a large section of the Indian population lives in poverty. Apparently, the benefits of policies and measures taken by the Central and State governments for the economic upliftment of poor have not been effective. Thus, the Central government and the Reserve Bank of India have been pushing the concept and idea of financial inclusion in India.The Department of Finance, GITAM Institute of Management organised a national conference on the theme ‘Financial Inclusion in India: Challenges and Strategies’ on October 12, 2012. Six technical sessions were held on various contemporary and relevant issues. This book is a compilation of the best papers presented in the conference. Main areas of discussion included the following: (i) Development of economy through financial inclusion (ii) Financial inclusion in India – programmes, process and progress (iii) Role of banks in financial inclusion (iv) Performance of various sectors such as mutual funds, insurance and related sectors in the financial inclusion in India (v) Strategies for successful implementation of financial inclusion (vi) Role of self-help groups and money lenders in rural financial market (vii) Success and failure stories of financial inclusion in India