Indian Economy is considered as one of the fastest growing economy in the world. But the Indian economy is dualistic in a sense that there is a growing disparity between the rich and poor. At one end we see growing companies, booming stock market, soaring profits, rich are becoming richer, and on the other end we see that poor are becoming poorer. The remedy is Financial Inclusion.
Financial inclusion is delivery of banking services at an affordable cost to the vast sections of disadvantaged and low income groups in a fair, transparent and equitable manner at affordable cost. This paper is an attempt to provide a framework for the development of BIMARU States through Financial inclusion because economy and development in the BIMARU States are highlighted by poor overall performance and hampering the growth rates of India. Framework for financial inclusion in the above states have been discussed using following parameters:
1. Population Below Poverty Line in BIMARU States
2. Economic Survey in BIMARU States
3. Human and Social Development Index
4. Coverage of banking Services in BIMARU States
5. Self Help Group Linkage in BIMARU States
Cite this article:
G. K. Deshmukh, S. Joseph. Financial Inclusion: A Necessity. Asian J. Management 1(2): Oct. – Dec. 2010 page 84-89.