Financial Inclusion in India

In the Indian subcontinent the concept of financial inclusion was first familiarized in the year 2005 by the Reserve bank of India by releasing the Annual Policy statement, Soon the concept started to spread in every part of the nation.It was chiefly introduced to touch every corner of the country without ignoring the rural areas.The concept addressed the absence of a formal financial system and banking system for catering to the monetary requirements for the poor people.

In the year 2005, the khan committee report was released which mainly discussed rural credit and micro finance. It spoke about how many people in the nation are missing out the benefits of professional banking.