Financial inclusion in India

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Reports on financial inclusion show that Karnataka is in top with improved financial inclusion and it got tenth rank with 57.7 CRISIL Inclusix score. It is India’s first comprehensive measure of financial inclusion in the form of an index calculated by CRISIL. In this regard an attempt has been made to find out the reality in rural area regarding financial inclusion, what are the factors associated with financial inclusion. From the survey it is clear that 73 per cent of households are included in formal financial system. This inclusion is mainly due to the presence of Self-Help-Groups in select village. But due to lack of basic infrastructure like proper power supply and internet facility and lack of financial literacy they are not aware of online banking and mobile banking. It is also clear from the study that majority of households are unaware about other investment avenues like stock market, mutual funds etc., available in the market. This finding suggests that, Government and NGOs should educate the people about investment products and motivate them to save money and invest in s...

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