Financial Inclusion and Socio economic Development Role of India post

Abstract

Dynamic changes in the business environment, uncertain market conditions, changing demographics and global competition are impelling many organisations to create robust and efficient financial climate by expanding their network of financial services, leverage cost effective and innovative technologies and assuring access of financial products and services to all sections of the society. Therefore, every financial institution should focus on inclusive growth of all vulnerable groups to increases their standard of living, reduce poverty, decrease disparity, promotes agricultural growth, and provide new work opportunities. Thus, financial inclusion has emerged as an important topic on the global agenda for sustainable long-term development . It enables sustainable economic and social development of the country by empowering underprivileged and deprived segments of the society, with the mission of making them self-sufficient and helping them to take better financial decisions. Further, it ensures access, availability and usage of suitable financial products and services needed by weaker sections and low-income groups at an affordable cost in a fair and transparent manner. It provides services for business opportunities, education, savings for retirement, insurance against risks including emergency loans, etc. to provide universal access of wide range of financial services like, savings and payment account, credit insurance and pensions. In addition, the financial inclusion schemes make significant changes in the economy, especially the rural economy, which is witnessing rapid mechanisation of agriculture, improvement in transport, communication, and other technological changes. Despite impressive growth over the last two-decade, lack of awareness and financial literacy among the rural population of the country is hindering the growth of the economy as majority of the population does not have access to newline