ABSTRACT
Most of the population of India lives in rural areas. The rural people have no awareness of the different financial services provided in our country. The majority of the rural population is not included in inclusive growth. Financial inclusion become a challenge for Indian Economy. Since 2006, many schemes and measures have been initiated by RBI and Govt. of India in favor of financial Inclusion but the impact of there did not yield satisfactory results. The rural sector presents a real challenge given its technological backwardness and mass illiteracy as people are still caught in the ancient financial systems that were both exploitative and fertile. Financial inclusion is an attempt to provide financial access and services to weaker sections and low-income groups. Financial sector development is a driver of a economic growth which indirectly reduces poverty and inequality and affordable and appropriate services can improve the welfare of the people. The study aims to identify the impact of financial inclusion and how financial inclusion can help in the improvement of financial literacy and reduction of poverty. So this paper aims to focus on utilizing the resources like mobile phones and banking technologies and create awareness about the financially inclusive schemes like PradhanMantriSurkakshaBimayojna, Atal Pension Yojana, PradhanMantriJeevanJyotiBimaYojna. The objective is to study the Initiatives taken by govt. for strengthening financial inclusion in the country. The study is based on secondary data collection.
Keywords: Poverty, financial inclusion, financial literacy
Received : 5th February 2019
Accepted : 15th February 2019
Published : 27th March 2019
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