Impact of Bank Led Financial Inclusion Model on the Socio Economic Status of Saral Saving Account Holders

Inclusive growth is a matter of concern to develop Indian economy by encompassing all sections of people in the growth process. Financial inclusion is the major tool used to include poor and marginalized people into the mainstream economy. Inclusive financial system helps the deprived section of people to get access to formal credit, saving products and other services which help them to overcome poverty and to reduce income inequality existing in the Indian economy. In India, multi model approach to financial inclusion was adopted. Among all these approaches, bank led inclusive process in prominent. Government of India and Reserve Bank of India is making efforts in co-ordination to reach the unreached section of people through the expansion of banking services. Motivated commercial banks, including RRBs and co-operatives are very active to stretch their services even in remote nook and corners of the country. In this study, through the primary data collected in Hunsur taluk, Mysore district, an attempt is made to evaluate the economic and general impact of financial inclusion. The results show positive impact of financial inclusion on saral saving account holders.