An Overview of Financial Inclusion on Poverty Alleviation in India

Abstract

Overall development is able to done only through appropriate mechanisms which channelizes all the resources from top to bottom. Financial inclusion is an ultra-modern concept which makes substitute techniques to develop the banking habits of the rural people because India is considered to be the largest rural people’ country in the world. Financial inclusion is focused at giving banking and financial service to all the people in a proper, recognizable and proper manner at modest cost. Family with low income often lack approach to bank account and have to run through time and money for multiple visits to utilize the banking services, be it opening a savings bank account or availing a loan, these families find it more difficult to save and to plan financially for the future. This paper is an attempt to discuss the overview of financial inclusion in India.