EVALUATION OF FINANCIAL INCLUSION STRATEGY COMPONENTS: REFLECTIONS FROM INDIA

Abstract

ABSTRACT Recent-past financial inclusion has been emerging as priority for policymakers and regulators worldwide with increasing number of nations introducing comprehensive measures to improve access and usage of tailored made financial services, informed by a fast-growing body of experience and knowledge. Financial inclusion strategies are the road maps of actions, agreed and well-defined planning at the national or sub-national level, which followed by the concerned stakeholders to achieve financial inclusion objectives of the specific country. A strategy can promote a more effective and efficient process to achieve a significant improvements in financial inclusion, and is ideally prepared with the private sector in order to establish and achieve shared, achievable goals for financial inclusion. The research paper tried to evaluate the financial inclusion strategy components carried out by The World Bank during June 2012 in its ‘Financial Inclusion Strategies – Reference Framework’ document. The paper gives insights about how India has adopted numerous financial inclusion strategies based on this reference framework. It further highlights the reflections from Indian experiences. Keywords Financial Inclusion; Financial Inclusion Strategy; Financial Inclusion Strategy Components; Indian Banking Industry; Economic Development; Inclusive Growth.