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Financial Inclusion for Growth with Equity: A Case Study of Bank of India

Vol 1, Issue 2, July - December 2014 | Pages: 84-102 | Book Review  

 
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https://doi.org/10.17492/mudra.v1i2.2468


Author Details ( * ) denotes Corresponding author

1. * Gouri Prava Samal, Assistant Professor, Pragati Mahavidyalaya, Hyderabad, Telangana, India (pravafinance@gmail.com)
2. Anil Kumar Swain, Senior Reader in Commerce, P.G. Department of Commerce, Utkal University, India

Financial inclusion promotes thrift and develops a culture of saving and also enables efficient payment mechanism strengthening the resource base of the financial institution. This benefits the economy as resources become available for efficient payment mechanism and allocation. The whole process of financial inclusion will not be possible without the contribution of banks. Banks are the key pillars of India’s financial system. Public have immense faith in banks. Banks enjoy considerable goodwill and access in the rural regions. Lending to agricultural activities and small scale industry is in the priority sector for lending of the commercial banks. The theme of the paper is to understand the inter- relationship between financial inclusion and its overall contribution to inclusive growth and the role of banks to encompass all those financially excluded into the folds of inclusive class. The study is further extended by covering the contribution of Bank of India in achieving financial inclusion and inclusive growth in Odisha.

Keywords

Financial Inclusion, Bank of India, No frill account, Inclusive growth, Economic development

  1. Kempson, E. (2006). Policy Level Response to Financial Exclusion in Developed Economies: Lessons for Developing Countries. Paper presented at the conference, Access to Finance: Building Inclusive Financial Systems, World Bank, Washington, D.C.
  2. Connolly, C., and K. Hajaj (2001). Financial Services and Social Exclusion, Financial Services Consumer Policy Center, University of New South Wales.
  3. Government of India, Economic Survey (various years).
  4. Prahlad, C K. (2005). The Fortune at the Bottom of the Pyramid - Eradicating Poverty Through Profits. Pearson Publication.
  5. Rangarajan, C. (2008), Report of the Committee on Financial Inclusion (Final), January.
  6. Planning Commission. (2008). Inclusive Growth - Vision and Strategy.
  7. Government of India. (2009). India Urban Poverty Report.
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