A Study of Banking Sector's Initiatives Towards Financial Inclusion in India

Financial Inclusion means to deliver Financial Services at an affordable cost to disadvantaged and low income group population. It includes Banking, Credit, advice and outreach. The Important products of Financial Inclusion are: Zero balance Savings accounts, Micro Credit and Micro Insurance. Financial Inclusion is a pre requisite for Inclusive Growth - a key governmental agenda. For inclusive growth and GDP growth on a consistent basis, it is important a) to bring a large section of the unbanked and under banked population into the formal financial system as well. b) To tap into hitherto inaccessible savings, enable asset creation and enhance productive efficiency through credit provision. This paper reviews the progress of financial inclusion in India. It also highlights the achievement of Banking Sector in this area.