"Tackling financial exclusion, spreading financial capability and helping to set more low income earners on the path towards a regular saving habit is essential for both our economic prosperity and for social justice. It is good both for individuals and for society and the economy as a whole." – Ed Balls MP, Economic Secretary to the HM Treasury Financial inclusion is a process of providing access to formal financial services to the bottom of the pyramid and improving their standard of living. Taking banking services to the common man increases their saving capacity and leads to overall economic growth. According to V P Shetty, CMD, IDBI, "The ABC of Financial Inclusion is Advice, Banking and Credit." Hence, apart from providing banking access and credit facility, it is necessary to provide financial literacy and advice to the poor for efficient management of finance. In India, majority of the population are outside the formal financial system. Bold initiatives are being taken to bring the poor into the financial mainstream. The book gives an overview of the financial services coverage in the Indian context, and analyzes the constraints that exclude certain sections of the population from full participation in the financial sector. It highlights various strategies, policy initiatives and the efforts of the regulators and authorities to improve access to affordable financial services by leveraging technology, promoting financial literacy and generating awareness. It draws comparisons with the international scenario, identifies the main challenges and presents constructive measures for banks to achieve inclusive banking.
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