Financial Inclusion - A Gateway to Sustainable Development for the Impoverished

Abstract

Inclusiveness is the growth mantra for policymakers today - not just in India, but the world over. In India, the Government has engineered a major directional change in public policy and stressed on inclusive growth for reduction in deprivation and disparities and for sustainable economic growth. In this direction, financial inclusion is in the top priority for policymakers and it is argued that inclusive growth cannot happen without ensuring banking services at affordable costs to the weaker sections of society who do not have any access to the formal financial system. India has a long way to go to ensure financial inclusion. The Reserve Bank of India, NABARD, Government Departments and numerous civil society organisations should make collaborative efforts to attain the mission of financial inclusion. With a more enabling environment, the next few years promise to be exciting for the delivery of financial services to attain sustainable development for the impoverished.