Examining the Financial Inclusion Index to Determine the Financial Inclusion Status in India
Ramzi Abdullah Ahmed Hassan
Mr. Ramzi Abdullah Ahmed Hassan, Ph.D. Research Student, Department of Economics, Swami Ramanand Teerth Marathwada University, Nanded City (Maharashtra), India.
Manuscript received on 25 February 2023 | Revised Manuscript received on 18May 2023 | Manuscript Accepted on 15 May 2023 | Manuscript published on 30 November 2023 | PP: 8-14 | Volume-3 Issue-1, May 2023 | Retrieval Number: 100.1/ijef.B2559113223 | DOI : 10.54105/ijef.B2559.053123
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Abstract: Globally, the issue of financial inclusion is crucial, especially in poorer nations where access to financial services is frequently constrained. To increase financial inclusion in India, the government has put some laws and programmes in place, but it is crucial to evaluate their success and pinpoint areas for development. This study focuses on the financial inclusion initiatives and policies that have been put into place in India. The research evaluates the homogeneity/contrast of government actions and the interaction of the banking sector with society. A descriptive analysis method and secondary data from RBI reports and Fi indicators of World Bank were used. The results of this study imply that the government’s programme has made some progress towards boosting access to financial services, particularly in rural areas. This study outlines areas for emphasising increased financial inclusion in India. Future actions could include improving underprivileged demographics’ access to financial services.
Keywords: Financial Inclusion, India, Financial Inclusion Index, Economic Reform, Accessibility, Financial Services JEL Classification G2, G20, F63, G51, O10
Scope of the Article: Banking