ISSN (Online): 2321 - 7782
ISSN (Print): 2347 - 1778

VOLUME 11, ISSUE 4, April - 2023

Impact of Demonetisation on Financial Inclusion in India

Author(s) :   Dr. Pooja Raghuvanshi

Abstract : Finance has become an essential part of an economy for development of the society as well as economy of nation. For, this purpose a strong financial system is required in not only in under-developed countries and developing countries but also developed countries for sustainable growth. Through Financial inclusion we can achieve equitable and inclusive growth of the nation. As the approach of 12th five year plan (2012-2017) is faster, sustainable and more inclusive growth. The issue of financial inclusion is emerging as the new paradigm of economic growth. Financial inclusion plays a major role in driving a way the poverty from the country. Financial inclusion is delivery of banking services at an affordable cost to the vast sections of disadvantaged and low income groups. Though there are few people who are enjoying all kinds of services from savings to net banking, but still in our country around 40% of people lack access to even basic financial services like savings, credit and insurance facilities. So an inclusive sector should not only serve the bankable clients, but also integrate the "unbankable" clients by making them "bankable". Out of 19.9 crore households in India, only 6.82 crore households have access to banking services. As far as rural areas are concerned, out of 13.83 crore rural households in India, only 4.16 crore rural households have access to basic banking services. In respect of urban areas, only49.52% of urban households has access to banking services.

DOI : 10.61161/ijarcsms.v11i4.35

Pages : 38-44

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