Most of the developing countries, India is one of among them where, still poor people are unable to access the financial sector or we can say that most of the people are financially excluded. Financial exclusion is construed as the inability to access necessary financial services in an appropriate form due to problems associated with access, conditions, prices, marketing or self-exclusion in response to discouraging experiences or perceptions of individuals/entities (RBI 2008).
The Demand for finance by the poorer still high but the supply of finance from government side remained inefficient to fulfil it. In January 2006, the Reserve Bank, permitted banks to provides the services of NGOs/SHGs, MFIs (other than NBFCs) and other civil society organisations as intermediaries for providing financial and banking services the disadvantaged and low income people to access the financial services.
Here I would like to present my research paper on the brief history of the “financial inclusion” when it was not in trend, development of financial inclusion and various measures which are adopted after 2006 in India.
financial inclusion, financial exclusion, business correspondence (BC), financial measures, know your customer (KYC)
