Financial inclusion, banking the unbanked: Concepts, issues, and policies for India

Abstract

We use the data from World Bank Global Findex for the year 2011 , 2014 and 2017 to understand financial inclusion in India, at the same time we compare India's situation with the other BRICS nations. We fathom the fact that financial inclusion is definitely the way forward for an economy to achieve inclusive growth. Financial inclusion is just not an economic concept rather it is termed as a socio‐economic concept, as it helps people have a security for future life through access to education and health facility, a secure future and better standard of living. In India we see the barriers to inclusion are predominately caused by voluntary exclusion, and though policies will help to reach out but the ultimate goal of financial inclusion could be only achieved through improving awareness and financial literacy in India. Thus financial inclusion should be backed by financial literacy to get the best results.