From this study following findings have been identified for the further improvements of the financial inclusion services for all sections of the society include:· Financial inclusion is a catalyst for the base of the financial system it develops a habit of savings among huge amount of rural population and it plays an important role in the process of equitable development. The recent developments in the financial sector especially in Banks transformed the country into a more revolutionalised one that will benefit the overall financial system by supplementing various facilities such as automated teller machine (ATM), online banking, and debit/credit cards.etc. · As India is a fastest developing country despite all its achievements on other sectors, our country is still delaying to provide financial services to the people especially the rural sector with nearly half of the households does not have any bank accounts yet and around 90% of villages not having any bank branches at all. · The main reasons for the lower amount of penetration of financial services in India are because of the supply side and demand side of services. Among that, lack of supply of financial services is one of the causes for lower penetration. Due to factors such as low income level, lack of financial literacy etc. are the reasons for lower demand of financial services. On the other hand, the factors which affect the supply side are no nearby bank branch in the surrounding, lack of essential products and services that matches with the needs of the poor people, language barriers and complex processes in the financial institutions etc. · The government of India and the Reserve Bank of India have been jointly initiating the measures to overcome lack of financial services in all sections of the economy. Though the measures adopted by them are successful, in other hand the implementation of these are rather slow because of lack of strong network, the various financial instruments are not suited for rural residents, lack of awareness and financial literacy among the weaker sections are the other reasons for low penetration of financial services. · Recently the number of commercial banks in India has increased, though the large population segments of society in India are using the banking and other financial services. The banks are started to open their branches in the outskirts of remote and rural areas such that all the community of people can access `the financial services provided by various financial institutions that will turned into increased living standards. · Many of the financial institutions in India are supplying various technical services to the customers, but most of the customers are unaware of the services provided by them. For this purpose these sectors should provide the awareness to all the households for the efficient utilisation of financial services. Hence it will improve inclusive growth and social development of economy. CONCLUSIONFinancial inclusion is the key for the eradication of poverty. For the global recognition India has to look forward for the maximum attainment of inclusive growth. This can be possible only through the implementation of financial inclusion. According to RBI Deputy Governor K.C Chakrabarty “Even today around half of the Indian population doesn’t have much access to formal financial services and they are largely dependent on money lenders. Various reports examined that there is a close relationship between financial inclusion and sustainable development. But due to the hindrances like lack of financial literacy, poverty, advanced technology etc., the inclusive growth is not possible. For the achievement of Inclusive growth there should be a proper financial mechanism which connects all the resources from top to bottom.
Literacy is an essential element for creating investment awareness among all the sections of the society especially the poor. Thus it seems to be a prime tool for financial inclusion. But in some extent literacy alone cannot promise to give high level financial inclusion, although it can help to achieve better results in poverty eradication. Thus, RBI have adopted various financial strategies such as No-frill account, opening up the banks branched in rural areas, advancement in technology simple KYC rules and regulations etc. to strengthen the financial inclusion. Also, in order to achieve the goal of overall financial inclusion, policymakers, banks, NGOs and regulators have to work together. These policymakers and bankers must come up with innovative strategies to improve the entire participation of excluded populations for using the formal finance.