Financial Inclusion in India

The banking industry in India has a huge canvas of history, which covers the traditional banking practices from the time of Britishers to the reforms period, nationalization to privatization of banks and now increasing numbers of foreign banks in India. Therefore, Banking in India has been through a long journey. Banking industry in India has also achieved a new height with the changing times. The use of technology has brought a revolution in the working style of the banks. The future of democratic polity and social harmony of India rests on the premise of inclusive growth. Financial inclusion is a crucial driver for such growth. The political leadership is looking at the banking industry to deliver on this promise over the next few years. This article is divided in three parts. First part includes the introduction of Financial Inclusion & status in India. The second part discusses the need of Financial Inclusion & various steps taken by RBI to implement financial inclusion in India. Third part concludes the findings & facts about financial inclusion in India. This article is a small seed to existing branch of knowledge in banking industry and is useful for bankers, strategist, policy makers and researchers.