“Financial Inclusion through Regional Rural Banks (RRBs)”-Dream or Reality

Abstract

“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.”-Franklin D. Roosevelt Financial inclusion is stated as a stepping stone for inclusive growth in a country like India. Banking sector has witnessed tremendous changes in recent period in terms of advancement in technology like internet banking, transfer money online through NEFT and RTGS, debit card and credit card facility, self-help groups, merchant banking and many more to go. Still financial inclusion looks like a long unachievable dream in the present scenario. Regional Rural Banks play a vital role in rural development of our nation and in spreading financial inclusion. Regional Rural Banks are setup to take banking facilities to the door steps of rural households as income generated from rural area is the back bone of our country. These institutions strive really hard in order to turn dream in a reality. C K Prahlad focused on “ Bottom of the pyramid” approach and when real India lies in villages, the focus of the RRB's is to strengthen the backbone of Indian Economy, as nearly 64%*of Indian Economy is generated from rural area. The objective of economic planning can never be achieved unless we uplift the rural economy and rural people of India. The basic objective of this paper is that Regional Rural Banks have significantly made financial inclusions a dream come true, they have made financial inclusions a reality. This study is based on secondary data which has been further collected from the annual reports of NABARD, Trend and Progress Report of RBI and other financial institutions. This study will further help researchers, academicians and policy makers to try and the reach more in-depth into the progress made by.