Analyzing the progress of financial inclusion in India

The concept of financial inclusion in India is much older than its proper acceptance. It was first articulated by Former Governor of Reserve Bank India (RBI) Dr Y V Reddy in 200506 in annual policy statement. Basically it is a process of ensuring access to wide range of financial and banking products/services to marginalized and weaker section of society at affordable cost and in transparent manner. Now it becomes the key enabler to reducing poverty, boosting prosperity and inclusive growth. The objective of this study is to analyze the progress of financial inclusion in India. The study was based on secondary data and cover the period from 2014-15 to 2019-20. The study reveals that the various financial inclusion indicators portray progressive and substantial growth over the years. They have made significant contribution towards the financial inclusion in India but still it is not up to the mark and requires substantial improvement. Therefore, the Government of India and RBI should envisage and devise such plan and policies that enhance the penetration of financial inclusion in India.