Financial Inclusion Provided by Rbi on Economic Growth in India- Theoretical Study

Recently India has taken several steps for financial inclusion to achieve rapid and faster inclusive growth. Financial inclusion plays a major role in inclusive growth of the country. Financial inclusion refers to delivering appropriate financial services at affordable cost, on timely basis to the low income groups and weaker section who lack access to even the most basic banking services. The availability of quality financial services in rural areas is vital for the growth of the economy as it helps many rural households to finance the growth of their livelihoods. This paper is based on the secondary data. The Reserve Bank of India’s vision for 2020 is to open accounts for 600 million new customers. This study concludes that financial inclusion plays an important role in eliminating poverty from the country