Financial Inclusion Initiatives in India: A Theoretical Framework

Indian economy faced the various problems such as poverty, unemployment, inequality and financial exclusion etc.For, this purpose a strong formal financial system is required for sustainableand inclusive growth. Through Financial inclusion we can achieve equitable and inclusive growth in Indian economy. Financial inclusion refersto delivery of appropriate financial services at an affordable cost, on timely basis to vulnerable groups such as low income groups and weaker section who lack access to even the most basic banking services. In the present paper, the researcher explores theoretical framework of financial inclusion and its needsfor the socio-economic development. This study concentrateson various initiatives taken by Indian Government and RBI for achieving the ultimate goal of financial inclusion for inclusive growth in India. The present study found that the Pradhan Mantri Jan DhanYojana proved to be milestone step for achieving the aims of financial inclusion in India.