Journey of Financial Inclusion

Financial inclusion is where individuals and businesses have access to useful and affordable financial products and services that meet their needs that are delivered in a responsible and sustainable way. Financial inclusion is defined as the availability and equality of opportunities to access financial services. The availability of financial services that meet the specific needs of users without discrimination is a key objective of financial inclusion. The Indian Reserve Bank vision for 2020 is to open nearly 600 million new customers' accounts and service them through a variety of channels by leveraging on IT. Illiteracy, low income savings and lack of bank branches in rural areas continue to be roadblocks to financial inclusion in many states.Banks have proved to be a boon for the economic development of our country. This paper has made an attempt to analyze the journey of financial inclusion through banking in India.