• NITHA K VINOD

Financial inclusion is the process of making financial services accessible to all individuals and businesses at affordable rates, irrespective of net worth and size, respectively. Financial inclusion strives to identify and remove those barriers that exclude people from participating in the financial sector. It intends to provide financial solutions without any kind of discrimination. Financial inclusion wants the participation of everyone in the society to be involved in financial management. In India major part of the population still don’t have access to financial products and service. They are not aware of banking services and functions. Even if they are aware of these functions, many of them do not have access to these banks. Thus we can say that there is a huge gap between the people who access to financial products and services and who do not have access to financial products and services. It may be due to various reasons such as lack of education, lack of awareness, digital illiteracy or lack of financial resources to avail such products and services. Financial inclusion aims to eliminate these barriers and there by provide financial services to those sections of the society who are less fortunate, so that they can be financially independent. Financial inclusion also tries to spread awareness about financial services and financial management among people of the society. Moreover, it wants to develop formal credit avenues in order to protect poor people from the exploitation of the informal credit avenues. The proposed research paper will expose the importance and challenges faced in promoting financial inclusion in India and also the measures adopted by the Government of India and Reserve Bank of India in promoting financial inclusion in India.

Financial inclusion, financial products, financial services, digital illiteracy.

"PROSPECTS AND CHALLENGES OF FINANCIAL INCLUSION IN INDIA", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 4, page no.393-397, April-2019, Available :http://www.jetir.org/papers/JETIR1904V06.pdf

"PROSPECTS AND CHALLENGES OF FINANCIAL INCLUSION IN INDIA", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 4, page no. pp393-397, April-2019, Available at : http://www.jetir.org/papers/JETIR1904V06.pdf