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The Need for Financial Inclusion in India
N. Anantha Kumar
Pages: 1-16 | First Published: 05 Apr 2022
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Abstract
Financial Inclusion may be defined as “The process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost” (Rangarajan, 2008) in the report of the Committee on financial inclusion in India. A country like
India which has the second largest population of about 1.3 billion after China need to introduce and execute all kinds of financial inclusion programs to increase the per capita income of each citizen which in turn will develop the quality of life of every human beings.

Keywords: Weaker Section, Lower Income, per capita Income

 

1. National Sample Survey Reports:  http://www.mospi.gov.in/nsso 
2. Reserve Bank of India Reports:  https://www.rbi.org.in/
3. Bhole, L.M., Mahakud, J.  Financial Institutions and Markets: Structure, growth and innovations, 6e, Tata McGraw-Hill Education, 2017.
4. “India in Figures - 2018‟, Government of India, Ministry of Statistics and Program Implementation, Central Statistics Office, Social Statistics Office.
5. World Bank Group: Financial Inclusion in Malaysia – Distilling Lessons for Other Countries.