AN ANALYSIS OF FINANCIAL INCLUSION IN INDIA

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