Indian banking system is fully mature and based on the best practices of world banking. In last decay world economy see many up and down but our banking sector does not affect negatively and in fact after recession of 2007-08 our banking system makes necessary some modification. So that system can face any eventuality in future. After 1991 Indian economy open up and think beyond protected walls and do what other developing countries are doing but with great care of our environment and capibility As the most of the rural population is still not using formal banking system so they are not aware abut micro finance instrument that is why they are not included in the inclusive growth story of India. The concept of financial inclusion becomes quite challenging for the Indian rural economy. Since 2006, many focused initiatives are taken by NABARD and Government of India in favor of financial inclusion but the impact of these did not result satisfactory outcome. The paper aims to focus on using the existing resources such as Mobile and smart phones, Banking Apps, Indian Post Office, Internet banking and Non banking financial institutions (NBFCs) thereby making it more healthy and user friendly for the interest of the rural population as well as the formal sector. My study focused on 250 students studying in Monad University and most of student are lacking in basic financial literacy. So knowing the facts behind backwardness in rural population of different part of India .we frame questionnaire and use simple statistical tools and analyze the problem and found that most of Government and private schemes related to financial inclusion( crop insurance, Beema youjna.jandhan account, sukanyia, rural mutual funds,kisan vikas patra) are not properly convinced to the masses. Usually government official goes to rural areas and hold a formal talk in difficult language and so on. For making them aware about financial instrument we can use SMS service in local languages. What my study found that they have enough money but in absence financial literacy they are putting into debt instruments which are not yielding enough to beat inflation. Their saving can be channelize into well diversified mutual by way of SIP.
Financial inclusion, Business correspondents, Micro finance schemes Indian Economy
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