Financial Inclusion through Social Banking in India

The Banking system in a country works under the overall control of the central bank. The regulation and policies of the banking industry is guided by the political and economic condition prevailing in the country. India is a mixed economy where both government Sector Companies as well as the private sector companies functions in the economy and participated in the production of goods and services. It is a mix of both capitalistic and socialistic mode of economy. Following the path of mixed economy, the banking system in India is highly focused towards social banking. There has been a steady growth towards inclusive financing and priority sector lending. This paper tries to bring out the recent developments in social banking and reaching to the unbanked areas by the banking companies of the country. With the rapid growth of the economy the inequalities and disparity is rising, to mitigate this situation the state is focusing more towards inclusive growth with high social impact.