Financial inclusion may be considered as a key instrument for inclusive growth and inclusive development. Access to safe, easy and affordable credit, and other financial services by the poor and vulnerable groups, disadvantaged areas and lagging sector is recognized as a precondition for accelerating growth and reducing income disparities and poverty. This paper aims at identifying the status of financial exclusion of selected slum dwellers and assessing their probable financial inclusion through business facilitator/ business correspondent model. As most of the slum dwellers are self-employed or employed in the unorganized sector, they require credit on a daily basis for their livelihood. On the other hand, some of the slum dwellers are paying the principal amount of the borrowed funds regularly to the moneylenders. Therefore, here is an opportunity for any bank branch to go for financial inclusion through business facilitator model (Briefcase Banking).

The Eleventh Five-Year Plan of the Indian Government defines inclusive growth as a “growth process which yields broad-based benefits and ensures equality of opportunity for all.” Inclusive growth implies equitable distribution of fruits of development among various sections of the society, especially the weaker sections and the unorganized sector. When the deprived sections of the society get the benefits of economic growth of the country and are empowered through proactive plans and policies, then we can say that inclusive growth is achieved. In short, inclusive growth is possible only when all the people participate in the growth process and derive the benefits of growth.

Access to safe, easy and affordable credit and other financial services by the poor and vulnerable groups, disadvantaged areas and lagging sector is recognized as a precondition for accelerating growth and reducing income disparities and poverty. Financial inclusion is an important phenomenon which seems to be the precondition for sustaining equitable growth. Everybody should have access to the financial system for fostering economic growth with ‘inclusive’ approach. The approach of Reserve Bank of India (RBI) to financial inclusion aims at ‘connecting people’ with the banking system and not just opening accounts. This includes meeting the small credit needs of the people, giving them access to payment system and providing remittance facilities.