A Study on Penetration of Financial Inclusion in Punjab

Abstract

Financial inclusion has been promoted to a large extent by Government of India and Reserve Bank to promote nationalized banks, building up great network of scheduled commercial banks, co-operative banks and regional rural banks (RRB s), self-help groups (SHG) , and even door-to-door delivery of banking services, zero balance accounts etc. Thus financial inclusion broadens the resource base of the financial system by promoting a culture of saving especially among rural population and thus helps in improving economic development. Financial inclusion also gives opportunities by bringing low income groups within the parameters of formal banking sector and tries to improve their access to formal credit and providing freedom from exploitation of money lenders. Creating an environment where financial services are easily assessable and also the awareness about financial services should be provided so that people can use financial services. newline