Financial Inclusion in India: Shifting the Base towards Crowning Glory
Mehta L*, Jindal S and Singh K
Chitkara University, Chandigarh, India
- Corresponding Author:
- Mehta L
Assistant Professor, Chitkara University
Tel: 095011 05715
E-mail: [email protected]
Received Date: May 07, 2014 Accepted Date: August 17, 2015 Published Date: August 29, 2015
Citation: Mehta L, Jindal S, Singh K (2015) Financial Inclusion in India: Shifting the Base towards Crowning Glory. Arabian J Bus Manag Review 5:158.
Copyright: © 2015 Mehta L, et al. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
India aims to achieve a growth target of 9% through its 12th five year plan (2012-2017) by emphasizing on faster, sustainable and more inclusive growth, terming it as “ financial inclusion “ which is emerging as a new paradigm of economic growth. From a total of 403 million bank users in India, almost 40% of the huge Indian population lacks basic services such as saving A/c and credit facilities. RBI is striving continuously to solve this problem by increasing the bank penetration, nationalizing of banks, establishing of Regional Rural Banks and many more. The great Indian Budget launched a “Pradhan Mantri Jan Dhan Yojna” scheme for comprehensive financial inclusion under which 15 million banks A/c were opened depositing INR 105.9 billion. The Indian Government should develop low cost bank models to encourage its citizens to access to banking services. Ideas can be taken from the FI schemes that western countries have adopted .Research shows that in India, there is only 1 bank branch for every 14000 nationals out of which 18 percent are debit card holders while a meager 2 percent own a credit card. In this research paper we will learn about the impacts of various financial inclusions on our nation’s economy.