A CONCEPTUAL STUDY ON STRATEGIES ADOPTED BY RBI FOR FINANCIAL INCLUSION IN INDIA

Abstract

India is the sixth largest economy in the world (source: World Bank, 2018). For developing country like India credit is considered to be the prime factor for the economic development. Financial inclusion is the conscious effort taken in by Indian government and RBI to bring “Unbanked Population” to formal banking system. Financial inclusion is the process of making financial services available and accessible at affordable costs to all individuals and businesses. Financial inclusion aims to address and provide solutions to the problems that exclude people from participating in the financial sector. This paper focuses on strategies adopted by RBI for Financial Inclusion in India using secondary data in-order to evaluate access and usage of financial services to measure the financial inclusion progress in India