Abstract
While it is globally accepted that the development of financial services is essential for growth of any economy, it is only recently that many nations including India have realized that benefits of growth might not trickle down to the lower strata of the society unless it is inclusive.
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- 1.
Additionally, access to basic financial services can significantly improve day-to-day management of finances.
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The position of a country may be quite good in one dimension of the financial inclusion but not in another dimension. Therefore, one may get only partial information on financial inclusion from individual dimension.
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Only 33,800 (5.2%) villages out of 650,000 villages have bank branches even though 39.7% of the overall branch network of Indian banks, or 31,727, are in rural India. The population covered by each branch has come down from 63,000 during 1969 to 16,000 in 2007 and the total number of check-in accounts held at commercial banks, regional rural banks, primary agricultural credit societies, urban co-operative banks and post offices during this period has risen from 454.6 million to 610.3 million. (Source: https://economictimes.indiatimes.com/industry/banking/finance/banking/village-over-5000-residents-to-have-bank-branches-by-march-2017/articleshow/50399115.cms).
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Kannan, R., Shanmugam, K., Bhaduri, S. (2019). Financial Inclusion and NBFCs. In: Non-Banking Financial Companies Role in India's Development. India Studies in Business and Economics. Springer, Singapore. https://doi.org/10.1007/978-981-13-3375-0_7
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DOI: https://doi.org/10.1007/978-981-13-3375-0_7
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