Rising Financial Inclusion in India

Despite India boasting economic growth rates higher than most developed countries in recent years, a majority of the country's population still remains unbanked. Financial inclusion is a relatively new socio-economic concept in India that aims to change this dynamic by providing financial services at affordable costs to the underprivileged. Global trend have shown that in order to achieve inclusive development and growth, the expansion of financial services to all sections of society is of utmost importance the study has revealed that Financial Inclusion has a high positive correlation with economic growth represented by Gross Domestic Product (GDP) and GDP per Capita. The role played by Business Correspondents, General Credit Cards and ICT have led to a considerable progress of financial inclusion in India.