Abstract
An all-inclusive financial system is essential for a nation as it augments efficiency and welfare by providing scope for secure and safe saving practices and by facilitating a wide range of improved financial services. The focus of the present study is on identifying the opportunities, issues, and challenges of financial inclusion in India.
Highlights
Financial inclusion is a fundamental keystone of socio-economic development
It has been a policy goal of high priority in India for decades. It is an important policy option which aims at reducing poverty and minimizing social as well as financial exclusion, thereby enhancing the inclusive growth process
Though there has been considerable progress in the process of inclusion over the past few years, India remains along way from attaining universal financial inclusion
Summary
Financial inclusion is a fundamental keystone of socio-economic development. It has been a policy goal of high priority in India for decades. The term financial inclusion is defined as the process of ensuring timely access to financial services and adequate credit where needed by vulnerable groups such as the weaker sections and low-income groups at an affordable cost [1]. It is perceived differently under different contexts. To this end, the increase in financial literacy has increased the number of bank accounts, and significantly reduced the account dormancy.
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