Financial Inclusion-A Steering Growth through Government Initiatives in India

Finance is very important for every economic activity. Without sufficient finance no activity can be undertaken. Finance is also necessary by every section of the society. But from the establishment of the civilization, only the financial needs of the higher section of the society were catered. Access to finance by the poor and weaker groups is very complex. This is due to the diverse reasons such as lack of banking facilities for this section, lack of knowledge about the schemes available for them, lack of a regular or considerable income etc. Moreover, banks also give more significance to meet their financial targets. So they focus on larger accounts. It is not profitable for banks to offer small loans and make income. Hence, the emergence for financial inclusion is felt by the Government of India, the policy makers and Reserve Bank of India.