Analysis of Financial Inclusion Initiatives by Indian Commercial Banks and its Impact in National Capital Region NCR

Abstract

Inclusive growth has become the most popular topic in the emerging economies of the world which has resulted in the major discussions among the policy makers. It has also become the agenda of multilateral agencies such as United Nations, World Bank, Asian Development Bank, Non-Government Organizations etc. According to the literature, it is defined as an equitable allocation of resources where benefit reaches to all sections of the society. It implies the involvement of all sections and regions of the society in the growth of an economy and getting the benefits of the growth, which ultimately achieves the equity objective of the growth. The concept of inclusive growth is referred to as economic growth with equal opportunities to all . It is nothing but creating growth opportunities and making them accessible to all. There is inclusive growth when all members of the society participate in and contribute to the growth process, without any discrimination, regardless of their individual position. Along with the other economies of the world, Indian economy is also concentrating on inclusive growth which has now become the priority of the Government over the past decade. Financial inclusion plays a pivotal role in achieving the inclusive growth which is imperative for reaching the equity objective and to sustain the growth momentum of the economy. An inclusive financial system helps in reduction of growth of various informal sources of credit such as exploitative money lenders. An inclusive financial system increases efficiency and welfare by providing various options for the secured and safe savings for the people and facilitate other financial services. newline