Thus, in India we believe that, financial inclusion has the potential to bring in the unbanked masses into the formal banking system, could lead to increased savings, provide timely credit to the unbanked masses and all these positive externalities would lead to economic growth.
The efforts to channelize the government benefits and subsidies through direct benefit transfers programs to beneficiaries’ bank accounts directly would not only be helpful in plugging the leaks in distribution but also help in inculcating banking habits. 9. How has India approached FI?