Financial Inclusion and Sustainable Development in India - An Overview

Abstract

Financial inclusion has become one of the most critical aspects in the context of inclusive growth and sustainable development in the developing countries like India. Inclusive growth and sustainable development is possible only through proper mechanism which properly channelizes all the available resources from peak to base. Financial inclusion is a contemporary issue which makes alternative techniques to endorse the banking practice of the rural people because; in the world India only consists of large rural population. Financial inclusion is aimed at providing banking and financial services to all suppressed class in a fair, transparent and equitable manner at affordable cost. Households with low income often lack of proper access to bank account and have to spend time and money for multiple visits to avail the banking services, be it opening a savings bank account or availing a loan, these families find it more difficult to save and to plan financially for the future. The researcher has made an attempt to discuss the overview of financial inclusion and sustainable development in India.