Journal Press India^®

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Financial inclusion is emerging as the new paradigm of economic growth; it refers to delivery of banking services to masses, ranging from privileged to the disadvantaged people at an affordable and receiver friendly way dwelling in urban and remote locations. This paper explores the overview of financial inclusion in India, initiatives taken in overcoming barriers towards financial inclusion, and the role of financial inclusion in economic development. The purpose of this paper is to analyze the current status of financial inclusion , to critically analyze the Government, RBI and banks initiative on Financial inclusion and literacy in India. The data for the present study has been collected primarily from secondary sources. The secondary data was acquired from reports, journals, NABARD auxiliary Statements, State Level Committee Reports of banks, Census 2016, Economic Surveys. The major finding of the study is that financial inclusion has enough scope for economic growth, uplifting living standard of people. The paper discuss about tackling this disparity between people by ways of financial inclusion through micro finance models and it also analyses how that leads to the economic development of a country. The paper is based on original analysis and interpretation of the data available.

Keywords

Financial Inclusion; Sustainable Growth; Inclusive Growth

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