Normative perspectives on financial inclusion: Facts beyond statistics

The paper is an attempt to understand and differentiate the significance of financial inclusion in the context of India wherein a large population is deprived of financial services, which are very much essential for an overall economic and inclusive growth. The paper discusses the problem of financial exclusion and the socioeconomic impact of financial inclusion on the underprivileged. We go a step further through a normative discussion of India's journey so far in this respect and highlight the impediments to financial inclusion. The paper also suggests a few critical dimensions that are to be taken care of so as to accelerate deep‐rooted penetration of financial services.