SUCCESS OF FINANCIAL INCLUSION – A MYTH OR A REALITY?

Diversity is a major challenge in Indian policy makers to achieve a success-parity across the geography, as echoed by the number of financially excludes. GoI in association with RBI and FIs have undertaken schemes, in conformity to financial inclusion, to ensure an inclusive growth. But success of the schemes, ‘one size fit for all', have shown huge disparity across the regions as reflated in CRISIL's Inclusix Reports. Success varies as it depends on financial believe, behaviour, confidence, skill & usage. With prevalence of paradoxes and contradictions in claims, the success becomes a myth and disputed. This paper has tried to validate the success as a reason to mandatory usages, empirically; and to outline major factors responsible for.