FINANCIAL INCLUSION – A MEANS FOR INCLUSIVE GROWTH

Commerce

NATIONAL CONFERENCE ON EMERGING TRENDS IN BUSINESS: Social and Legal issues in India

Access to finance by the poor is a prerequisite for poverty reduction and sustainable economic development. Importance of financial inclusion arises from the problem of financial exclusion of nearly 3 billion people from the formal financial services across the world. “Inclusive growth” is one of the important objectives of eleventh five year plan in India. Inclusion of each and every section of the society in the process of economic development and achieving growth with equity is the basic objective of “inclusive growth”. Financial inclusion is conceived as a major driving force to achieve selfsustained inclusive economic growth. Financial inclusion can be defined as the process of ensuring access to financial services and timely availability of adequate credit where needed by vulnerable Groups such as weaker sections and low income groups at an affordable cost (Report of the Committee on Financial Inclusion in India, 2008). This paper aims to highlight financial inclusion and the role of banks, financial inclusion for inclusive growth and also the issues and challenges in the area of finacial inclusion for inclusive growth.

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