Status & contribution of microfinance in building an inclusive financial sector in India Ms Trivedi Prerna*, Dr. Maqbool Adeel** *Research Scholar, Integral University, Lucknow **(HoD), Department of Business Management, Faculty of Management & Research, Integral University, Lucknow Online published on 12 May, 2017. Abstract There have been debates, discourses, and numerous interventions to make financial inclusion a reality. Approaches towards financial inclusion are changing from time to time though the spirit remains intact. Financial inclusion is aimed at providing composite formal financial services to the excluded population, thereby impacting lives and livelihoods of poor, and alleviation of poverty etc. These services include safe savings, credit for multiple purposes, insurance, pension, remittances and most importantly, basic financial literacy for making suitable financial decisions. It is believed that reaching out to the vast segment of excluded population into the mainstream financial architecture of the country will not only impact the lives of the poor but also lead to economic well being of the nation. The Government of India and the Reserve Bank of India and has taken a number of initiatives from time to time to promote financial inclusion. Recently, the Reserve Bank of India has created the Financial Inclusion and Development Department to cater to the needs and challenges of financial inclusion. Aim of this paper is To examine the progress & innovations of financial inclusion. The role of RBI, NABARD & govt. in financial inclusion and the contribution of microfinance & SHGs in financial inclusion. Top |