Financial inclusion in India – a forward path

While holding cash in hand has its convenience and liquidity benefits, the security and interest payment benefits of depositing cash in banks cannot be argued with. Banks provide a safe place to store the “medium of exchange”, accept deposits and make loans. People naturally want to store their hard earned money in a location safe from theft, fire and other hazards. Developed and developing countries have been taking massive steps to ensure 100% financial inclusion. The ability of the masses to not only have access to banks but also use their facilities efficiently so as to maximize their benefit leads to satisfaction and growth. This paper explores the growth of the financial inclusion phenomena in the Indian context.