International Journal of Research in Finance and Marketing

  • Year: 2016
  • Volume: 6
  • Issue: 7

Transformation from Class banking to Mass banking-A review of Literature

  • Author:
  • B.C.M. Patnaik1,, Ipseeta Satpathy, D. Litt2, Manas Ranjan Pani3
  • Total Page Count: 9
  • DOI:
  • Page Number: 64 to 72

1Associate Professor, School of Management, KIIT University, Bhubaneswar, Odisha

2Professor, School of Management, KIIT University, Bhubaneswar, Odisha

3Research Scholar, School of Management, KIIT University, Bhubaneswar, Odisha

Abstract

Financial inclusion has been defined as the ability of individuals to access appropriate financial products and services (Treasury Committee, House of Commons, UK. 2004). According to the Committee on Financial Inclusion in India (Chairman: C. Rangarajan, 2008), financial inclusion is the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost. The present paper is an attempt to understand the various dynamics of financial inclusion. This is more relevant topic considering the new government's initiative through PMJDY. In this direction, the methodology used is purely secondary sources and this will give a new direction for further research.

Keywords

Financial inclusion, financial exclusion, banks, and rural