Biju John, .M.; Dr Mary, Joseph(Cochin University of Science and Technology, January 21, 2016)
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Abstract:
Financial inclusion for inclusive growth is central to the developmental
philosophy of most of the nations over the past decade. It has been a priority
for policy makers and regulators in financial sector development for
improving access and usage of financial services to achieve comprehensive
financial inclusion. The initiatives taken towards financial inclusion can
promote a more effective and efficient process to achieve significant
improvements in financial inclusion are to establish and achieve shared and
sustainable development and growth. Realising this, an increasing number of
countries are committing to promote financial inclusion, encouraged by the
growing body of country level experiences (World Bank, 2012). Financial
inclusion basically means, broad based growth through participation as well as
sharing the benefits from the growth process along with the under privileged
and marginal segments of the economy. Evidence suggests that it has
substantial benefits for equitable and sustainable growth. Inclusive growth
ensures that while economy grows rapidly, all segments of society are
involved in this growth process, ensuring equal opportunities, devoid of any
regional or sectoral disparitiesIt is widely acknowledged that the objective ofinclusive growth is accomplished through the process of financial inclusion.
Financial inclusion envisages bringing everyone, irrespective of financial
status, into the banking fold for the individual progress and development and
thereby achieving comprehensive growth with equity