Financial Inclusion for Growth with Equity: A Case Study of Bank of India

Abstract

Financial inclusion promotes thrift and develops a culture of saving and also enables efficient payment mechanism strengthening the resource base of the financial institution. This benefits the economy as resources become available for efficient payment mechanism and allocation. The whole process of financial inclusion will not be possible without the contribution of banks. Banks are the key pillars of India’s financial system. Public have immense faith in banks. Banks enjoy considerable goodwill and access in the rural regions. Lending to agricultural activities and small scale industry is in the priority sector for lending of the commercial banks. The theme of the paper is to understand the inter-relationship between financial inclusion and its overall contribution to inclusive growth and the role of banks to encompass all those financially excluded into the folds of inclusive class. The study is further extended by covering the contribution of Bank of India in achieving financial inclusion and inclusive growth in Odisha.