Abstract
Most of the population of India lives in rural areas. The rural people have not awareness about the different financial services provided in our country. Majority of rural population is not included in inclusive growth. The financial inclusion become a challenge for Indian Economy. Since 2006, many schemes and measures are 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 present a real challenge given its technologies backwardness and mass illiteracy as people are still caught in ancient financial system that were both exploitative and furtile. Financial inclusion is an attempt to provide financial access and services to weaker section and low income groups. Financial sector development is a driver of a economy growth which indirectly reduce poverty and inequality and affordable and appropriate services can improve the welfare the people. The study is to identify impact of financial inclusion and how financial inclusion can help in the improvement of financial literacy and reduction of poverty. So the aim of this paper to focus as utilizing the resource like mobile phones, Banking technologies and create awareness about the financial inclusive scheme 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.
Keyword: Poverty, financial inclusion, FinancialLiteracy
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