PRESTIGE INSTITUTE OF MANAGEMENT AND

RESEARCH, INDORE

MAJOR RESEARCH PROJECT (MRP)

Session: 2019-2020
SYNOPSIS

IMPACT OF FINANCIAL INCLUSION IN INDIA

FACULTY GUIDE (MENTOR) SUBMITTED BY:

Name: DR. REKHA NARANG Name: SAKSHI JAIN
Class: MBA-FA Sem. III A
Roll No : 43
Scholar No :1121811205
 Financial Inclusion is described as the method of offering banking and financial
solutions and services to every individual in the society without any form of
discrimination. It primarily aims to include everybody in the society by giving
them basic financial services without looking at a person’s income or savings.
Financial inclusion chiefly focuses on providing reliable financial solutions to the
economically underprivileged sections of the society without having any unfair
treatment. It intends to provide financial solutions without any signs of inequality.
It is also committed to being transparent while offering financial assistance without
any hidden transactions or costs.
 "Financial inclusion may be defined as the process of access to financial services and
timely and adequate credit where needed by vulnerable groups such as weaker
sections and low income groups at an affordable cost."
 M.P.Desai Head, Department of Accountancy,Udhna Citizen Commerce College,
Surat(March 2016). In his study on 'Present Scenario of Financial Inclusion In India'
concluded that financial inclusion, an estimated 40 percent of its population is still without
access even to basic financial services. Financial inclusion of the unbanked masses is a
critical step that requires political will, bureaucratic support and determined effort by RBI. It
is expected to utilize the untapped potential of the bottom of pyramid section of Indian
economy.
 Sonu Garg, Dr. Parul Agarwal(Jun. 2014) in their on 'Financial Inclusion in India – a
Review of Initiatives and Achievements' concluded that Even though enough efforts are
being made by all stake holders. Innovative products, out of the box service models, effective
regulatory norms and leveraging technology together could change the landscape of the
current progress of the much needed and wanted, Financial Inclusion Program.
 DR. Anurag B. Singh, Priyanka Tandon in their study on 'Financial Inclusion In India : An
Analysis' recommended that in order to achieve the goal of total financial inclusion,
policymakers, banks, MFIs, NGOs and regulators have to work together.
 Sadhan Kumar Chattopadhyay in a working paper for RBI on Financial Inclusion in India:
A case-study of West Bengal (2011), has examined the extent of financial inclusion in West
Bengal. According to the study there has been an improvement in outreach activity in the
banking sector, but the achievement is not significant.
 The main thrust areas for need of inclusive growth can be summarized as below:
• Removal of poverty and unemployment
• Removal of income inequalities
• Agricultural Development
• Reduction in regional disparity
• For social sector development
• Protecting environment
 Financial Inclusion Schemes in India
The Government of India has been introducing several exclusive schemes
for the purpose of financial inclusion. After a lot of planning and research
by several financial experts and policymakers, the government launched
schemes keeping financial inclusion in mind.

 Pradhan Mantri Jan Dhan Yojana (PMJDY)

 Atal Pension Yojana (APY)
 Pradhan Mantri Vaya Vandana Yojana
 Stand Up India Scheme
 Pradhan Mantri Mudra Yojana
 Pradhan Mantri Suraksha Bima Yojana (PMSBY)
 Sukanya Samriddhi Yojana
 Credit Enhancement Guarantee Scheme (CEGS) for Scheduled Castes
(SCs)
 Varishtha Pension Bima Yojana (VPBY)
 The Specific Objectives of the Research Paper are as Follows
 To study & understand the meaning and need for inclusive growth.
 To review the present status of the financial inclusion in India.
 To study the Awareness and Impact of the government scheme
'Pradhan Mantri Jan Dhan Yojana' (PMJDY): The Biggest Financial
Inclusion Initiative.
1.The Study: The study of the research is descriptive type.

2. Tools For Data Collection:

Surveys or Questionnaires.

3. Tools For Data Analysis: SPSS.