The marathon of unbanked to banked through financial inclusion

Even after68 years of independence, a large section of Indian population still remains unbanked. This malaise has led generation of financial instability and pauperism among the lower income group who do not have access to financial products and services. However, in the recent years the government and Reserve Bank of India has been pushing the concept and idea of financial inclusion. Financial Inclusion growth is possible only through proper mechanism which channelizes all the resources to all the citizens of a nation. It is an innovative concept which makes alternative techniques to promote the banking habits of the rural people. Because India is considered as largest rural populous nation in the world where bulk of the citizens are employed in agriculture activities, financial inclusion is aimed at providing banking and financial services to all people in a fair, transparent and equitable manner at affordable cost. Households with low income often lack access to bank account and have to spend time and money for multiple visits to avail the banking services, be it opening a savings bank account or availing a loan, these families find it more difficult to save and to plan financially for the future. This paper is an attempt to discuss the overview of financial inclusion in India.