Financial inclusion

Abstract

Financial Inclusion has been the most talked about topic in the Banking sector of India for past few years. Government schemes like Pradhan Mantri Jan Dhan Yojana has increased the pace of providing banking services to underserved people. The fast-paced financial inclusion has also given rise to the development of various innovative banking models. Rural banks, Banking correspondents, small finance banks and the newest of them the payment banks have gained a lot of attention. In this report, analyse the financial inclusion scenario in India amidst such large-scale government initiatives. The report also explores alternative models adopted by other countries to attain universal financial inclusion. The impact of technological advancement, such as UPI, on the financial inclusion initiatives and the role information technology is playing in getting banking services universally accessible has also been explored. The report highlights the steps taken towards this initiative, the progress and concludes with the challenges and the way ahead.