AN ANALYSIS OF FINANCIAL INCLUSION IN INDIA

NEETHU MOL JACOB¹*, T. PAUL LAZARUS², SHILPA MATHEW³, BRIGIT JOSEPH⁴, V. JAYAKRISHNAKUMAR^5
1Department of Agricultural Economics, College of Agriculture, Vellayani, Kerala Agricultural University, Thrissur, 680656, Kerala, India
²Department of Agricultural Economics, College of Agriculture, Vellayani, Kerala Agricultural University, Thrissur, 680656, Kerala, India
³Department of Agricultural Economics, College of Agriculture, Vellayani, Kerala Agricultural University, Thrissur, 680656, Kerala, India
⁴Department of Agricultural Statistics, College of Agriculture, Vellayani, Kerala Agricultural University, Thrissur, 680656, Kerala, India
⁵Department of Agronomy, College of Agriculture, Vellayani, Kerala Agricultural University, Thrissur, 680656, Kerala, India
* Corresponding Author : neethumoljacob@hotmail.com

Received : 02-02-2019     Accepted : 26-02-2019     Published : 28-02-2019
Volume : 11     Issue : 4       Pages : 7927 - 7930
Int J Agr Sci 11.4 (2019):7927-7930

Keywords : FDI, Financial inclusion, Inclusive growth, PMJDY, Social exclusion
Academic Editor : Mukesh Kumar
Conflict of Interest : None declared
Acknowledgements/Funding : Authors are thankful to College of Agriculture, Vellayani, Kerala Agricultural University, Thrissur, 680656, Kerala, India
Author Contribution : All authors equally contributed

Financial inclusion is the process of ensuring access to all financial products and services to vulnerable groups such as weaker sections and low-income groups at an affordable cost in a fair and transparent manner. The financial services include savings, loans, payments, remittance facilities and financial counselling or advisory services by the formal financial system. India ranks 54th position in FDI and had a two-fold increase in FDI during 1981 to 2017. From 2004 onwards, there was an appreciable growth in the number of branches of commercial banks, ATMs, deposit accounts, loan accounts, outstanding loans and deposits, credit and debit cards, POS terminals and transactions. Financial inclusion assumes greater importance in India as access to finance by the poor and vulnerable groups is a prerequisite for poverty reduction, social cohesion and inclusive growth.

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