A Study on Financial Inclusion: Need and Challenges in India
8 Pages Posted: 2 Feb 2019
Date Written: January 6, 2019
Financial sector has a key part of an economy for development of the society as well as developing nation. So the main emphasis has to be on growth of financial system as well as growth of financial positions of all the citizens of the country for the inclusive and sustainable development. Thus the financial inclusion aims to recognize the challenge of poor access of financials products to rural as well as urban masses in India. Therefore, through financial inclusion we can achieve inclusive growth of the country. Financial inclusion helps for delivery of appropriate financial services at an affordable cost to groups such as low income and weaker section who lack access to this basic services. Through with this, attempt has been made to understand the need as well as challenges in way of achieving the financial inclusion in a nation. Government of India has been playing a key role towards improving the level of financial inclusion and for this numerous effort have been undertaken by the government. now the new term has introduced in this sector that is called digital financial inclusion and it aimed to catalyze government actions to drive financial inclusion through a focus on digital technologies. Digital technologies also offer affordable and convenient ways for individuals, households and businesses to save, make payments, access credit and obtain insurance. Through this paper, we also focus on role of digital technologies in a way to achieving the goal of financial inclusion, on this basis of analysis, it can be concluded that financial inclusion is in progressive stage in but many more things has to be done in future also.
Keywords: Financial inclusion, Inclusive development, digital technologies, financial services
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