The IUP Journal of Bank Management
Financial Inclusion in North India: Status and Insights

Article Details
Pub. Date :Feb, 2019
Product Name : The IUP Journal of Bank Management
Product Type : Article
Product Code : IJIT21902
Author Name : Mukta Mani
Availability : YES
Subject/Domain : Finance
Download Format : PDF Format
No. of Pages : 30



In India, financial inclusion has always been a major focus of the government and central bank through their various related schemes. This study is an attempt to analyze the level of financial inclusion in north India. Broad parameters of financial inclusion have been identified through detailed literature review, namely, banking, borrowing and insurance in the educated sections of the society. The foremost reason for the low levels of financial inclusion, as revealed by the study, is lack of awareness. The populace has a highly negative perception about ease and availability of banking services, loans and insurance. This study might be valuable to policy makers and bankers as it highlights the fact that government schemes related to financial inclusion may be implemented more effectively by creating greater levels of awareness.


Financial inclusion is the process of bringing all sections of the society under the umbrella of formal financial system. The formal financial system, which is composed of formal financial institutions such as banks and insurance companies, is well organized and well regulated. The term ‘financial inclusion’ indicates the ability of all sections of the society to access the formal financial system for making transactions, holding savings, borrowing money and insurance. It is an initiative to provide access to appropriate financial products and services at an affordable cost and in a fair and transparent manner by mainstream institutional players (Aduda and Kalunda, 2012; and Ravikumar, 2014). The factors that lead to greater financial inclusion are: lower accounts costs, more proximity to financial institutions, and strong and stable legal and political environment (Allen et al., 2016). In international settings, G-20 nations have moved up financial inclusion in their reform agenda along with suggestions for innovative financial inclusion. The increased interest reflects acceptance of the significance of financial inclusion for social and economic development and indicates its important role in reducing poverty, increasing shared prosperity, and supporting inclusive sustainable development.


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