Financial Inclusion : an Assessment of Lucknow District

Abstract

‘Financial Inclusion’ is the combination of two terms, one is financial which means ‘Related to Finance’ and other is inclusion which means ‘To Include’. India is a huge country having inestimable resources. After having vast resources India lies in the category of developing nations. Poverty and unemployment are major problems which are affecting Indian economy badly. An uneven distribution of resources is one of the prominent cause behind poverty. According to 'The Hindu' - India's 1 per-cent richest population own 58 per-cent of its total wealth. This data is clearly reflecting an immense economic gap. To tackle these problems an inclusive growth is required followed by equal chance to access the resources, equal opportunities and equal distribution of wealth. If we talk about financial needs and financial services accessibility, it is enough hard to access financial services for a significant part of the whole population known as 'under-privileged'. The World Bank group considers financial inclusion a key enabler to reduce poverty and boost shared prosperity. Financial inclusion can be defined as the distribution of financial services to low income sections of the society at reasonable cost. Financial inclusion and inclusive growth are positively related. Financial inclusion leads an economy to the inclusive growth. The present paper focuses on understanding the concept of financial inclusion and financial inclusion initiatives with especially in Lucknow district. The main objectives of this paper is to discuss financial inclusion initiatives started by various institutions in Lucknow, to define financial inclusion status of Lucknow and discuss essential requirements for smooth and fast financial inclusion. This is a descriptive type paper. The source of data collection is secondary. The study will display the financial inclusion status of Lucknow with the help of tables.