Financial Sector Development in India: Historical Insights
摘要
This chapter outlines the evolution of financial inclusion efforts in India. Early policies before 1990 focused on expanding rural banking and directing credit to priority sectors, yet many households remained outside the formal financial system. Post-1991 reforms emphasised financial deepening, which improved efficiency but further limited access for low-income groups. To address these gaps, the government launched targeted initiatives beginning with a major financial inclusion drive in 2006 and later the flagship Jan Dhan Yojana in 2014, aiming to bridge the gaps in access to formal banking services. The chapter summarises these key policy shifts and their role in strengthening financial inclusion in India.