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A Study on Relevance of Financial Inclusion

In: Business and Management

Submitted By salonis
Words 3801
Pages 16
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A Study on Relevance of Financial Inclusion in India and other
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Developing Nations

Prof. Nilesh PatelAssistant ProfessorSal Institute of ManagementGujarat Technological UniversityEmail id: patelnileshmm@gmail.comContact no: +91-9925937375 | Prof. Saloni SarafAssistant ProfessorSal Institute of ManagementGujarat Technological UniversityEmail id: lohiasaloni31@gmail.comContact no: +91-9510164544 |

ABSTRACT:
India is one of the largest and fastest growing economies of the world, but what has been the most disturbing fact about its growth has not only been uneven but also discrete. More than 150 million poor people have access to collateral-free loans. However; there are still large sections of the world population that are excluded from financial services market. Financial inclusion is an innovative concept which makes alternative techniques to promote the banking habits of the rural people because, India is considered as largest rural people consist in the world. Financial inclusion is aimed at providing banking and financial services to all people in a fair, transparent and equitable manner at affordable cost. Households with low income often lack access to bank account and have to spend time and money for multiple visits to avail the banking services, be it opening a savings bank account or availing a loan, these families find it more difficult to save and to plan financially for the future. This paper is an attempt to discuss the overview of financial inclusion in India. The paper highlights the basic features of financial inclusion, and its need for social and economic development of the society. The study focuses on the role of financial inclusion, in strengthening the India’s position in relation to other countries economy.

INTRODUCTION:
India is

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