Abstract : The main prerequisite for a nation's growth is the circulation and mobilization of finance. For a growing country like India, achieving inclusive growth makes financial inclusion a top policy concern. The study's main goal is to examine the impact of financial inclusion on the expansion of the Indian economy and the steps Indian banks have made to achieve inclusive growth. As one of the key national goals of the nation, the Indian Government and Reserve Bank of India have been working together to promote financial inclusion. This study examines four state bank groups and four private sector banks in an effort to evaluate the impact of financial inclusion on the growth of the Indian economy. The growth rate of the bank was examined in terms of the number of bank branches, onsite and offsite ATMs, and debit and credit card usage. According to the survey, debit card usage significantly grew over the study period, and banks concentrated more on rural and semi-urban areas. Nevertheless, it is depressing to learn that, even years after the introduction of inclusive banking initiatives in the nation, such as the cooperative movement, the nationalization of banks, the establishment of regional rural banks, etc., the number of people who have access to the goods and services provided by the banking system remains incredibly low. This leads to the conclusion that financial inclusion has had a significant impact on the growth of the Indian economy and that there is still room for more inclusive growth.
Cite : Rohila, M. (2023). Financial Inclusion's Contribution to the Growth of the Indian Economy (1st ed., pp. 58-62). Noble Science Press. https://doi.org/10.52458/9789388996570.2023.eb.ch11
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