Financial Inclusion Initiatives of Indian Banking Sector

This paper summarizes financial inclusion initiatives of Government of India (GOI) and RBI. To accelerate the growth and development, the access to easy available credit and many other financial services to the vulnerable and poor groups are considered as a prior condition. The aim of Financial Inclusion is delivery of basic banking and financial services in a fair, transparent and impartial manner at reasonable cost to the huge sections of disadvantaged and lesser income group. Although, financial inclusion is something more than opening new bank branches in un-banked areas to take formal financial services across the length and breadth of the nation. The core objective of all these initiatives is to capture the large sections of the excluded population of the India. The Government of India (GOI) and the Reserve Bank of India (RBI) have been making continuous efforts like the recent “Pradhan Mantri Jan Dhan Yojna”, “Atal Pension Yojna”, “Pradhan Mantri Jeevan Jyoti Yojna”, “Pradhan Mantri Surakhsha Bima Yojna” and many more to promote Financial Inclusion in the country