M Bhuvana and S.Vasantha
Financial inclusion is defined as an activity of facilitating banking as well as financial services to the low income group people and people from most vulnerable group in the society. The successful achievement of financial inclusion can be done by the most effective and transparent financial services. In India, government has taken several initiatives to foster financial inclusion. Financial Institutions like banks has shown an immense increase in its extent to provide their banking services to the people from the unreached and excluded sections in the society. But World Bank Global Findex Database 2014 has highlighted that, in India 21% of adults are unbanked and only 53% of adult population possess financial services from a formal financial institutions. This paper identifies that financial literacy, high cost, technology, trust, income level, distance and inappropriate products are the factors that determine the financial inclusion in rural areas. This study discusses about the various innovative delivery channels used to reach the rural people and a conceptual model is developed to find out the factors that drives the financial inclusion.
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