Abstract: Majority of the people in India lives in rural parts of the country. Hence, development of rural India is a key to the economic growth of the country. Financial inclusion has become one of the most significant aspects in the context of inclusive growth and development. Financial inclusion is the process of ensuring access to appropriate financial products and services at an affordable cost in a fair and transparent manner by mainstream institutional players needed by weaker sections and low-income groups. Banking sector plays considerable role in bringing financially excluded people in to formal financial sector. This will help to serve dual purpose i.e. financial inclusion as well as growth of the banking business of the country. Financial inclusion trend was kicked off in the year 1969 when 14 commercial banks were nationalized since then it is being focused by GOI but Since 2005, the Reserve Bank of India (RBI) and the Government of India (GOI) have been making efforts to increase financial inclusion. Many Measures have been implemented by RBI and GoI such as SHG-bank linkage program (1992), easing of Know Your Customer (KYC) norms, electronic benefit transfer, use of mobile technology, bank branches and ATMs, opening and encouraging ‘no-frill-accounts’, opening customer service centres, credit counselling centres, Kisan Credit Card (1998), Swabhimaan (2011) and Pradhan Mantri Jan-Dhan Yojana (PMJDY). This article is an effort to study financial inclusion along with the growth of the banking sector in India. Information has been gathered from the Department of Financial services, Ministry of Finance, Govt. of India. The main objectives of this paper is to know the current status of financial inclusion in India and to know the growth of banking sector in India
Keywords: RBI, RRB, SCBs, GoI, Banking Network, Financial Inclusion and PMJDY.
Title: FINANCIAL INCLUSION WITH EXPANSION OF BANKING SECTOR
Author: DR. MANOJ DOLLI, PANDURANGA R
International Journal of Interdisciplinary Research and Innovations
ISSN 2348-1218 (print), ISSN 2348-1226 (online)
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