FINANCIAL INCLUSION IN INDIA

Cite this:
Mehar, L. (2014). FINANCIAL INCLUSION IN INDIA. Innovative Journal of Business and Management, 3(04), 42–46. https://doi.org/10.15520/ijbm.vol3.iss4.5.pp42-46
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Abstract

India has introduced wide-ranging and impressive reforms in the financial sector especially in formal banking system since the early 1990s. These reforms in the banking sector led to an impressive growth in financial resources as well as overall economic growth. However much more needs to be done to improve the efficiency with which financial resources are allocated to finance the higher levels of investment necessary for sustained growth and poverty reduction. Also with increased liberalization, and as risks become more difficult to monitor and manage, maintaining financial stability will become ever more challenging. This paper assesses progress in banking sector reforms especially focusing on financial inclusions over the past decade or so, and analyse the new challenges that confront India’s policymakers and financial regulators.

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