An Empirical Analysis of the Factors Affecting Financial Inclusion Policies and Practices A Case Study of Urban Poor in West Bengal

Abstract

newline The term FINANCIAL INCLUSION is now a global agenda of policy makers for overall economic development. The term financial inclusion generally means gateway to any account in financial institution and avail financial products and services within an affordable range. Covering the untapped section at ground level of pyramid of Indian economy with multidimensional financial instruments is the main motto of this initiative .The twin pillars - financial inclusion in supply side to create access and financial literacy on demand side to create urge for financial product and services will create revolution in Indian economic growth. There is no clear picture about the effectiveness of the financial inclusion initiatives in the country although the existing initiatives adapted in spreading financial inclusion are commendable. Our research focus is on whether implementation of financial inclusion has been successful among urban poor in West Bengal. Although many people in urban area of West Bengal are financially included, the concept of financial inclusion is more complex than usually portrayed. Our research will showcase how social and personal deprivation leads to financial exclusion and should be viewed as obstacles to financial inclusion. We also suggest that financial inclusion is not a monolithic phenomenon and need to be projected in a multi- layered fashion, ranging from opening a bank account to utilization of modern financial instruments newline newline