Financial Inclusion and Economic Development: A Study on the Women Marginalized People in India

Financial inclusion was described as “the process of ensuring the availability of banking services and adequate and on time credit where required by those who are vulnerable such as less fortunate individuals and people with low incomes at an affordable cost” in the Panel on Financial Inclusion’s report. Women’s development is based on their economic empowerment through income generation and financial straight. This study aims to understand the financial inclusion for the eradication of poverty by the government and to study the selected financial inclusion schemes of the government of India in the development of women. This paper is only based on secondary data published from various sources. The collected data has been analysed based on the objectives framed. The secondary data was collected through published articles and reports. The major portion of data is collected from government reports such as RBI, World Bank, and Ministry of Finance. This disruptive study aims to understand the financial inclusion of women for their social and economic development. The study found that the government has taken various steps to enhance the financial inclusivity of the poor and vulnerable people in the rural areas particularly women. In this context various schemes where introduced including Mahila Bank (A bank has been operating exclusively by women for women). Due to these initiations, the people could able to achieve and get the benefit from all the financial services. The public sector banks are playing a key role in the process of including the women in the financial market and services. The public sector bank has 21.48 crore female accounts. The number of accounts with public bank was the highest among other banks. The private sector bank has only 0.76 crore and regional rural bank has 5.33 crore accounts.