Financial inclusion: a step towards success path for rural India

Financial Inclusion in a new indicator of economic growth of the country which plays a very important role in controlling the poverty alleviations. More than 150 million poor people have access to collateral free loans. A large sector of the population in the whole world is excluded from the financial services. In India, a big lot of population also living below the poverty line. The purpose of the paper is to analyze the current status of financial inclusion in India. Government of India, RBI and other banks take initiative on financial inclusion and literacy in India. RBI has taken many measures like opening of no frill account, launching of website in local languages simplifying KYC forms etc. Financial inclusion provide various benefits to the poor section of the society such as knowledge about financial services, identity to the poor, improving standard of living, economic equality etc. But in India various hurdles are faced in the way of financial inclusion like lack of education, complicated procedure to avail the services, distance to the branches etc.