AADYA -National Journal of Management and Technology

Bhagyashree Narayan ¹

Affiliations
1 YMT College of Management, Kharghar, Navi Mumbai, IN

Abstract

An inclusive financial system is among the top priorities for many countries and considered to be instrumental in achieving equitable growth. Financial inclusion is proved to be a powerful accelerator of economic progress and can help to achieve intense poverty elimination. The Financial inclusion access to a range of financial services includes Savings, Credit, Insurance, Remittance and other banking/payment services to all 'bankable' households and enterprises at a reasonable cost. The Government and the regulators initiatives are contributing factor for the inclusive growth and going forward, transformation for Financial Inclusions with the new thought process, bold reforms, technological advancements and supportive business models. This research paper is an attempt to analyse the Indian Financial Inclusion status and the areas to be utilize for the comprehensive inclusion. Recognizing that 2.5 billion adults worldwide are "unbanked"; the World Bank has put forward a vision for achieving universal financial access by 2020. More than 50 countries, including India, have made ambitious commitments to financial inclusion targets.

Keywords

Financial Inclusion, Comprehensive Inclusion, Growth.

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Rameesha Kalra ¹, Bhagyashree Narayan ²

Affiliations
1 Banasthali Vidpyaith, Rajasthan, IN
2 YMT College of Management, Kharghar, Navi Mumbai, IN

Abstract

There has been an extensive expansion of the Indian financial system, out of which the banking sector is considered as the most significant component. Banks are the lifeline of any economy and are indispensable in a modern society. Today banks have expanded their purview of activities and are getting into new range of products and services like e-banking services, investment banking, mutual funds, general insurance, credit cards, demat services and so on. Due to liberalization, the financial system has a greater role to play than in the past and thus one cannot afford to ignore the importance of existence of a strong Indian banking sector. Increasing levels of competition and information age environment have exposed banks to a variety of challenges like technology, customer service, Basel III norms, new accounting standards, transparency, disclosure and corporate governance. The present study is an attempt to study the status of e-banking in India, growth in e-banking transactions, advantages and risks associated, challenges ahead, opportunities and managerial implications arising out the study.

Keywords

E-Banking, Challenges, Risks, Opportunities, Managerial Implications.

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