Financial Inclusion Initiatives of Commercial Banks in India

Abstract

Access to basic banking services will play a vital role in measures to fight unemployment and to attain housing, education, insurance, pension and health care. Financial inclusion is all about ensuring that everyone has the opportunity to access the financial services needed to participate fully in a modern day society and the economy. The current financial disorder has emphasized more than ever the need for the issue of financial inclusion across India. Financial Exclusion is the scenario in which a segment of the population are denied access to basic financial services in certain areas having poorer, marginalized and socially deprived people. It is also a question of economic efficiency. In spite of the many progressive actions taken by Government of India, Reserve Bank of India and financial service providers, there are still considerable efforts to be made across India to ensure access to banking services. This paper attempts to identify the various measures to prove financial inclusion initiatives taken by the Commercial Banks in India.