Financial inclusion of the deprived in India: historical perspectives

Financial Exclusion is considered as a global issue according to The Economist report. Fewer than 10 percent of people have access to financial services of any sort based on the report. This exclusion is not only limited to developing countries but can be seen in developed countries too. Challenges in accessing finance, resources and financial services has remained a big constraint globally. Nearly 2.7 billion people or two-thirds of the world’s population lacks access to basic financial services, such as savings or checking accounts. According, to a world report, India is one of the ten fastest growing economies in the world and the Indian economy has recorded impressive growth rates over the years. However, social groups that are not a part of the process of economic growth tend to get marginalized. This can be established by the fact that despite being the 6th largest economy in the world, one third of the world’s poor still reside in India.