The Role of Banks in Ensuring Financial Inclusion

Abstract

Financial inclusion is the method of guaranteeing access to financial services and timely and adequate credit for vulnerable groups such as weaker section, low income people. In contrast to traditional banking and financial services, it has adopted new generation banking systems and online financial transactions for client satisfaction; financial inclusion provides financial products and solutions economically at the door step of the clients quickly. It is seen that over 40 per cent of the population now utilises financial inclusion to have access to financial services and timely and adequate credit for vulnerable groups. Economically weaker communities face challenges like irregular job, inadequate resources, unemployment, lack of education, paucity of identity proof and because of this condition of bank procedure, many people are deprived from accessing bank facilities and hold abundant cash at home or investment in some private schemes..