See discussions, stats, and author profiles for this publication at: https://www.researchgate.

net/publication/235944172

FINANCIAL INCLUSION FOR INCLUSIVE GROWTH OF INDIA -A STUDY OF

INDIAN STATES

Article · March 2013

CITATIONS READS

18 16,726

2 authors, including:

Munmun Ghosh
Symbiosis Institute of Media & Communication
11 PUBLICATIONS   36 CITATIONS   

SEE PROFILE

Some of the authors of this publication are also working on these related projects:

Role of Media in effective governance View project

All content following this page was uploaded by Munmun Ghosh on 29 November 2014.

The user has requested enhancement of the downloaded file.

International Journal of Business Management &
Research (IJBMR)
ISSN: 2249-6920
Vol. 3, Issue 1, Mar 2013, 147-156
© TJPRC Pvt. Ltd.

FINANCIAL INCLUSION FOR INCLUSIVE GROWTH OF INDIA - A STUDY

OF INDIAN STATES

RADHIKA DIXIT1 & MUNMUN GHOSH2

1
Associate Professor, Indira School of Business Studies, Pune, India
2
Assistant Professor, Indira School of Business Studies, Pune, India
ABSTRACT

India is one of the largest and fastest growing economies of the world, but what has been the most disturbing fact
about its growth is that its growth has not only been uneven but also discrete. It has been uneven in the sense that there has
been no uniformity in its growth performance and it has been discrete and disconnected with regard to growth and
distribution of growth benefits to certain sectors of economy. And thus the need for inclusive growth comes in the picture
of Indian economic development. However for attaining the objectives of inclusive growth there is a need for resources,
and for resource generation and mobilization financial inclusion is required. It plays a very crucial role in the process of
economic growth.

The present paper focuses on to understanding inclusive growth phenomenon its need and financial inclusion as
an instrument to attain it with reference to its extent in Indian States.

The research has been done using secondary data source. Analysis of natural hierarchical grouping cluster is done
considering parameters like GDP per capita, literacy rate, unemployment rate and index of financial inclusion (Johnson
R.A. & Wichern D.W., 2000) on few of Indian states.

KEYWORDS: Inclusive Growth & Financial Inclusion

INTRODUCTION

India is one of the largest and fastest growing economies of the world, but what has been the most disturbing fact
about its growth is that its growth has not only been uneven but also discrete. It has been uneven in the sense that there has
been no uniformity in its growth performance and it has been discrete and disconnected with regard to growth and
distribution of growth benefits to certain sectors of economy. The Indian economy, though achieved a high growth
momentum during 2003-04 to 2007-08, could not bring down unemployment and poverty to tolerable levels. Further, a
vast majority of the population remained outside the ambit of basic health and education facilities during this high growth
phase. In recent decades, economic and social inequalities have increased alongside high growth rates which have
increased regional inequalities. Over 25% of Indians continue to live in abject poverty. As a result, Inclusive growth has
become a national policy objective of the Union Government. And thus the need for inclusive growth comes in the picture
of Indian economic development. In context of Indian growth planning it is a relatively new terminology which got the
attention of policy makers in the Eleventh Five Year Plan.

Inclusive growth as the literal meaning of the two words refers to both the pace and the pattern of the economic
growth, it basically means, broad based, shared, and pro-poor growth. As per the Planning Commission of India “The term
“inclusive” should be seen as a process of including the excluded as agents whose participation is essential in the very
design of the development process and not simply as welfare targets of development programmes.” In a simpler and wider
sense it means that inclusive growth as a strategy of economic development should not only aim at equitable distribution of
148 Radhika Dixit & Munmun Ghosh

growth benefits but also at creating economic opportunities along with equal access to them for all. In the present paper an
effort has been made to understand the inclusive growth phenomenon its need and financial inclusion as an instrument to
attain it with reference to its extent in Indian States.

LITERATURE REVIEW

Levine (1997) empirically tested the neo-classical view and finds that countries with larger banks and more active
stock markets grow faster over subsequent decades even after controlling for many other factors underlying economic
growth. Equally important is access to finance by all segments of the society (Levine 1997, Pande and Burgess 2003).
Finance can also play a positive role in poverty reduction. A well developed financial system accessible to all reduces
information and transaction costs, influence saving rates, investment decisions, technological innovation, and long-run
growth rates (Beck et al. 2009). Evidences from Binswanger and Khandker (1995) and Pande and Burgess (2003) suggest
that Indian rural branch expansion program significantly lowered rural poverty, and increased non-agricultural
employment.

A key objective in development economics is to work out ways to lift people out of poverty. Access to finance has
been seen as a critical factor in enabling people to transform their production and employment activities and to exit poverty
(Aghion and Bolton 1997, Banerjee 2001, Banerjee and Newman 1993, Pande and Burgess 2003, Yunus 1999).

In recent years, financial inclusion has assumed public policy relevance. Many countries like India (Government
of India 2008) and the United Kingdom (UK) (2006) and International organizations like the United Nations (2006), World
Bank (2008, 2009) have set up task force/committees to understand financial inclusion and to improve its scope. These
studies throw light on various aspects of financial inclusion. However, the measurement aspect of financial inclusion has,
so far, not extensively been covered by these reports.

For India, being a very well diversified economy and society, it is imperative to give adequate attention to
measurement of financial inclusion. There are few scholars who have attempted to measure some aspects of financial
inclusion. Honohan (2007) estimated the fraction of the adult population using formal financial intermediaries using the
information on number of banking and MFI accounts for more than 160 countries, and then correlated with inequality (Gini
Coefficient) and poverty. Sarma (2008) developed an Index for financial inclusion using aggregate banking variables like
number of account, number of bank branches and total credit and deposit as proportion of GDP for 55 countries. Mehrotra
et al. (2009) also built up an index for financial inclusion using similar kind of aggregate indicators like number of rural
offices, number of rural deposit accounts, volume of rural deposit and credit from banking data for sixteen major states of
India. Moreover, World Bank (2008) provides a composite measure of access to financial services, that is, the percentage
of adult population that has an account with a financial intermediary for 51 countries. While World Bank (2009) in
Banking the Poor analyzed the association between access to banking services, as measured by the number of bank
accounts per thousand adults in each country, and several other factors like transactions offered at banks, or required by
banks, and regulations adopted by country authorities that may affect banking access for 45 countries. Beck et al. (2009)
discusses about the availability of copious amount of data on many aspects of the financial system, but systematic
indicators of inclusiveness of financial sector are lacking.

Sadhan Kumar Chattopadhyay in a working paper for RBI on Financial Inclusion in India: A case-study of West
Bengal (2011), has examined the extent of financial inclusion in West Bengal. According to the study there has been an
improvement in outreach activity in the banking sector, but the achievement is not significant. An index of financial
inclusion (IFI) has been developed in the study using data on three dimensions of financial inclusion viz- banking
Financial Inclusion For Inclusive Growth of India-A Study of Indian States 149

penetration (BP), availability of the banking services (BS) and usage of the banking system (BU). The paper provides a
comparable picture between different states on the basis of IFI rankings.

The present paper focuses onto financial inclusion as an instrument for attaining inclusive growth- in context of
India, for which a fair deal of effort has been taken to understand the extent of financial inclusion in India as a whole and
states as its part.

OBJECTIVES OF THE PAPER

The Specific Objectives of the Research Paper are as Follows

• To study & understand the meaning and need for inclusive growth.
• To study the role of financial inclusion in inclusive growth.
• To know the extent of financial exclusion/inclusion in India.
• To understand the extent of diversity in Indian states with regard to financial inclusion.

RESEARCH METHODOLOGY

The research has been done using secondary data source. Analysis of natural hierarchical grouping cluster is done
considering parameters like GDP per capita, literacy rate, unemployment rate and index of financial inclusion (Johnson
R.A. & Wichern D.W., 2000). The choices of measure of similarity are based on Euclidean distances between
multidimensional observations. Further hierarchical clustering method has been displayed by Dendrogram considering
average linkage between the groups.

Need for Inclusive Growth

India needs inclusive growth in order to attain rapid and disciplined growth. Inclusive growth is necessary for
sustainable development and equitable distribution of wealth and prosperity. Achieving inclusive growth is important and
is one of the biggest challenges for India. The challenge is to take the levels of growth to all section of the society and to all
parts of the country. Rapid growth in the rural economy, sustainable urban growth, infrastructure development, reforms in
education, health, ensuring future energy needs, a healthy public-private partnership, intent to secure inclusivity, making
all sections of society equal stakeholders in growth, and above all good governance will ensure that India achieves what it
deserves. The main thrust areas for need of inclusive growth can be summarized as below:

• Removal of poverty and unemployment

• Removal of income inequalities

• Agricultural Development

• Reduction in regional disparity

• For social sector development

• Protecting environment

However for attaining the objectives of inclusive growth there is a need for resources, and for resource generation
and mobilization financial inclusion is required. It plays a very crucial role in the process of economic growth. Financial
inclusion through appropriate financial services can solve the problem of resource availability, mobilization and allocation
150 Radhika Dixit & Munmun Ghosh

particularly for those who do not have any access to such resources. Thus in the current paper an effort is made to study the
role of financial inclusion in inclusive growth.

Financial Inclusion

By financial inclusion, we mean the delivery of financial services, including banking services and credit, at an
affordable cost to the vast sections of disadvantaged and low-income groups who tend to be excluded. The various
financial services include access to savings, loans, insurance, payments and remittance facilities offered by the formal
financial system.

Rangarajan Committee (2008) viewed financial inclusion as “The process of ensuring access to financial services
and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an
affordable cost”

In simpler terms financial inclusion is about including the excluded in the financial system of the country, and to
ensure that their financial & social security needs are taken care of through appropriate financial service providers.

Given below is the diagram which briefly describes the essential contents of financial inclusion:

Figure 1
Source: Rangarajan Committee Report
Role of Financial Inclusion

Financial Inclusion is imperative for inclusive growth of India, with more than 25 % of its population living in
abject poverty government’s onus towards their growth and development is huge, and inclusive finance is one such
measure which if targeted and attained in right manner will provide an apt solution to the severe problems of poverty and
unemployment.

Providing access to financial services has significant potential to help lift the poor out of the cycle of poverty.
Financial inclusion promotes thrift and develops culture of saving and also enables efficient payment mechanism
strengthening the resource base of the financial institution which benefits the economy as resources become available for
efficient payment mechanism and allocation.
Financial Inclusion For Inclusive Growth of India-A Study of Indian States 151

Poors are typically more vulnerable to financial exclusion this is simply because their major problems arise from
the need for finances. The formal banking services, by exploiting economies of scale and making judicious use of targeted
subsidies may reduce or remove market imperfections and facilitate financial inclusion of the poor, ultimately leading to
higher incomes. The access to financial services by poors would lead to their consumption smoothing and investments in
health, education and income generating activities, thus expanding growth opportunities for them.

Inclusive growth if targeted systematically may lead to financial stability, asset building and economic mobility
and empowerment of the low income group people.

Following (Figure.-2) is the diagrammatic presentation of how inclusive finance can be used for the same.

Figure 2
Source: Ford Foundation, US Strategies; How High-Quality Financial Services Help Low-Income

The above mentioned diagram clearly prescribes the three dimensional approach which is required for financial
inclusion and its outcomes. Thus if we are talking about inclusive growth with stability, it is not possible without financial
inclusion.

However one need to understand that inclusive finance is a long run phenomenon which can not be achieved
overnight, especially with regard to developing country like India where the access to financial products is constrained by
several factors such as lack of awareness, unaffordability, high transaction costs, and inconvenient, inflexible and low
quality of products. In the further section of the paper we will try to find out the extent of financial inclusion in India.

Extent of Financial Inclusion in India

Several countries across the globe now look at financial inclusion as the means for a more comprehensive growth,
wherein, each citizen of the country is able to use his/her earnings as a financial resource that they can put to work to
improve their future financial status and simultaneously contribute to the nation’s progress.

Financial inclusion has always been accorded high importance by the Reserve Bank and Government of India to
aid the inclusive growth process for the economy, the history of financial inclusion in India is actually much older than the
formal adoption of the objective.
152 Radhika Dixit & Munmun Ghosh

The nationalization of banks, Lead Bank Scheme, incorporation of Regional Rural Banks, Service Area Approach
and formation of Self-Help Groups - all these were initiatives aimed at taking banking services to the masses. The brick
and mortar infrastructure expanded; the number of bank branches multiplied ten-fold - from 8,000+ in 1969, when the first
set of banks were nationalized, to 99,000+ today. Table-1 below provides a glimpse of the manifold expansion of bank
branches in India with their percentage distribution in rural areas as well.

Table 1

It can be clearly observed from the above given data that there has been tremendous growth in the spread of
banking network in the country since 1969. However despite this wide network of bank branches spread across the length
and breadth of the country, the extent of financial exclusion in India is staggering.

Out of the 600,000 habitations in the country, only about 36,000+ had a commercial bank branch. Just about 40
per cent of the population across the country has bank accounts. The proportion of people having any kind of life insurance
cover is as low as 10 per cent and proportion having non-life insurance is abysmally low at 0.6 per cent.

People having debit cards comprise only 8 per cent and those having credit cards only a marginal 2 per cent of the
population*. The idea about the exclusion can be clearly made on the basis of data given in Table-2, which talks about the
indicators of financial inclusion in India, China, Germany and world.

* Keynote Address by Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India at the BIS-BNM
Workshop on Financial Inclusion Indicators at Kuala Lumpur on November 5, 2012
Financial Inclusion For Inclusive Growth of India-A Study of Indian States 153

Table 2: Indicators of Financial Inclusion

India China Germany World

S. No Indicators of Financial Inclusion
(%) (%) (%) (%)
Account at a formal financial institution
1 35 64 98 50
(% age 15+)
Account at a formal financial institution,
2 26 60 99 47
female (% age 15+)
Account at a formal financial institution, income,
3 27 47 98 41
bottom 40% (% age 15+)
4 Account used to receive wages (% age 15+) 8 19 46 NA
Account used to receive government payments
5 4 7 62 NA
(% age 15+)
Account used to receive remittances
6 2 9 17 NA
(% age 15+)
Saved at a financial institution in the past year
7 12 32 56 22
(% age 15+)
Saved using a savings club in the past year
8 3 2 4 5
(% age 15+)
Loan from a financial institution in the past year
9 8 7 13 9
(% age 15+)
Loan from family or friends in the past year
10 20 25 9 23
(% age 15+)
11 Debit card (% age 15+) 8 41 88 NA
12 Credit card (% age 15+) 2 8 36 15
Source: Demirguc-Kunt and Klapper, 2012, NA- Indicates non Availability of Data on the Mentioned Field

In the above table the data related to China is taken in order to give a comparative picture with a developing
nation, the data of Germany is taken in order to draw an idea about the gap in financial inclusion between India and one of
the developed nations, and world statistics have been taken to show the standing of India in the world with regard to
financial inclusion. From the observation of data in table-2 it can be clearly seen that there is great extent of difference in
the level of financial inclusion in India and Germany (Developed World), the percentage of population having an account
at a formal financial institution (% age 15+) in India is not even half of what it is in Germany, in India the rate is 35 %
whereas in Germany it is 98 %, with regard to financial inclusion of relatively poors, the account at a formal financial
institution, income, bottom 40% (% age 15+) in India it is only 27 % and in Germany it is 98 %.

When compared with China (Developing World) the percentage of population having an account at a formal
financial institution (% age 15+) in China is 64 % as against 35 % in India, People having debit cards comprise only 8 per
cent and those having credit cards only a marginal 2 per cent of the population in India where as in China the percentage is
41% and 8 % respectively. The data clearly shows that India needs to adapt to more aggressive policy for financial
inclusion in order to attend holistic growth and stand comparable with the inclusion standards of developing and developed
worlds. Thus it is quiet clear that the extent of financial exclusion is still quiet huge in India and needs to be rightly
encountered, moreover one also needs to understand the state wise distribution and availability of financial services and
providers in the country.

Sadhan Kumar Chattopadhyay in a working paper for RBI on Financial Inclusion in India: A case-study of West
Bengal, August 2011, has developed an index of financial inclusion (IFI), which is able to capture information on several
aspects of financial inclusion in one single number (IFI). In this, he considered three basic dimensions of an inclusive
financial system – banking penetration (BP), availability of the banking services (BS) and usage of the banking system
(BU). Below given data in Table-3 shows the State-wise Index of Financial Inclusion, GDP per capita, literacy rate and
rate of unemployment in the different states of India.
154 Radhika Dixit & Munmun Ghosh

On the basis of IFI developed it can be clearly identified that which are the states where there is need for
increasing banking penetration (BP) such as Assam, Nagaland, Manipur, Madhya Pradesh, Bihar, etc., as well as the states
where there is need for increasing availability of banking services and need to push usage of banking system. Moreover it
is felt that there is need of a comprehensive financial inclusion plan for India as a whole along with region specific
inclusion plans targeting its typical requirements based on its existing level of financial inclusion.

Table 3: State-Wise Index of Financial Inclusion

*
D1 D2 D3 IFI **GDP (Per **Literacy Unemploym
State IFI
(Penetration) (Availability) (Usage) Rank Capita) Rate ent Rate
High Financial Inclusion (0.5-1)
Kerala 0.70 0.81 0.28 0.54 1 83,725 93.9 2.5
Maharashtra 0.62 0.29 1 0.53 2 101,314 80.1 2.6
Karnataka 0.72 0.47 0.46 0.53 3 68,374 75.6 2.4
Medium Financial Inclusion (0.3-0.5)
Tamil Nadu 0.70 0.43 0.38 0.48 4 94,796 80.3 2.1
Punjab 0.45 0.69 0.29 0.45 5 74,606 76.7 1.6
Andhra Pradesh 0.56 0.30 0.41 0.41 6 71,480 67.7 NA
All-India 0.27 0.22 0.55 0.33 7 60,603 74.04 NA
Himachal
0.42 0.40 0.18 0.33 8 74,899 83.8 1.3
Pradesh
Sikkim 0.28 0.33 0.34 0.32 9 121,440 82.2 NA
Haryana 0.39 0.50 0.12 0.32 10 108,859 76.6 NA
Low Financial Inclusion (<0.3)
West Bengal 0.24 0.38 0.23 0.28 11 54,830 77.1 NA
Gujarat 0.32 0.30 0.16 0.26 12 81,400 79.3 0.9
Uttar Pradesh 0.28 0.31 0.15 0.24 13 30,052 71.7 2.2
Meghalaya 0.21 0.28 0.14 0.21 14 52,971 75.5 1.5
Tripura 0.31 0.22 0.08 0.20 15 50,750 87.8
Orissa 0.26 0.23 0.11 0.20 16 46,150 73.45 2.4
Rajasthan 0.25 0.22 0.12 0.19 17 47,506 67.1 1.4
Arunachal
0.20 0.16 0.14 0.17 18 62,213 67 NA
Pradesh
Mizoram 0.13 0.26 0.09 0.16 19 48,591 91.6 NA
Madhya Pradesh 0.18 0.21 0.08 0.16 20 38,669 70.6 2.1
Bihar 0.15 0.24 0.08 0.15 21 23,435 63.8 NA
Assam 0.17 0.17 0.07 0.13 22 33,633 73.2 NA
Nagaland 0.03 0.04 0.07 0.05 23 56,638 82.9 NA
Manipur 0.00 0.01 0.01 0.01 24 32,284 79.8 2.5
Source:*- Financial Inclusion in India: A Case-Study of West Bengal, 2011**- Census-2011

From the data given in the above table it is quiet evident that the states which have high to medium degree of
financial inclusion also account for literacy rates and GDP per capita (per annum) higher than the country’s average i.e.
74.04 % & Rs.60,603 respectively, Andhra Pradesh being the only exceptional state to be with medium degree of financial
inclusion with literacy rate 67.7 %, less than the country’s average .

However in order to find out the group linkages the author has employed cluster analysis of few selected states on
the basis of parameters such as GDP per capita( annual), literacy rate, Unemployment rate and Index of Financial Inclusion
of the states ( developed by Sadhan Kumar Chattopadhyay) Below given is the Average linkage between the various
groups formed on the basis of above said parameters and the Dendrogram analysis for the same.
Financial Inclusion For Inclusive Growth of India-A Study of Indian States 155

Table 4: Average Linkage among the Groups

Stage Cluster
Cluster Combined
First Appears Next
Stage Coefficients
Cluster Cluster Cluster Cluster Stage
1 2 1 2
1 2 11 293.086 0 0 7
2 9 12 1085.277 0 0 3
3 9 10 1898.542 2 0 6
4 7 14 2232.015 0 0 9
5 1 4 2325.046 0 0 10
6 8 9 5555.346 0 3 11
7 2 3 6378.503 1 0 10
8 6 13 6518.000 0 0 12
9 5 7 7501.003 0 4 11
10 1 2 9936.173 5 7 12
11 5 8 15136.171 9 6 13
12 1 6 21454.202 10 8 13
13 1 5 40413.002 12 11 0

The Dendrogram analysis shows that at five rescaled distance three major clusters emerged from the considered
parameters. Following are some of the major interpretations made from the analysis:

• Cluster-1 Comprises of states Karnataka, Gujarat, Kerala and Maharashtra.

Cluster-2 Comprises of states Kerala, Gujarat, Maharashtra, Tamil Nadu, Mizoram, Rajasthan, Orissa &
Meghalaya
Cluster-3 Comprises of states Orissa, Meghalaya, Manipur & Uttar Pradesh.
The clusters are submerged within the states showing inter linkages amongst the clusters.
• It is noticed that the states with highest financial inclusion not only account for high GDP per capita and Literacy
rate but also for high rate of unemployment.
• Moreover it is found that Gujarat is one such exceptional state where the GDP per capita & literacy rate is higher
than the country’s average and the rate of unemployment is also quite low but the financial inclusion of this state
is considerably low.
 156 Radhika Dixit & Munmun Ghosh

• It is also observed from the analysis that the states with low GDP per capita necessarily accounts for low financial
inclusion.
• However the association of financial inclusion with the rate of literacy is not found.
Broadly it can be concluded that there is no significant association between the rate of financial inclusion and
unemployment, as the states with highest extent of financial inclusion demonstrate high rate of unemployment,
which needs to be studied & analyzed further.

CONCLUSIONS

Inclusive growth attainment depends a great deal on equitable distribution of growth opportunities and benefits.
And financial inclusion is one of the most crucial opportunities which need to be equitably distributed in the country in
order to attain comprehensive growth. It needs to be understood by the state that in order to bring orderly growth, order
needs to be developed with regard to inclusive finance. The percentage of financial inclusion in the different states of the
country varies differently. For instance Kerala, Maharashtra and Karnataka accounts for higher rate of financial inclusion
but the states such as Gujarat, Manipur, Assam, Bihar, Uttar Pradesh, and Madhya Pradesh, etc stand poorly on the grounds
of financial inclusion.

Undoubtedly the issue of expanding the geographical and demographic reach poses challenges from the
viability/sustainability perspectives and appropriate business models are still evolving and various delivery mechanisms are
being experimented with by the various government agencies at the central and state level. But somewhere the efforts taken
are not good enough to encounter this staggering issue of financial exclusion. Financial literacy and level of awareness
continue to remain an issue with regard to usage of financial services/products. It calls for coordination of all the
stakeholders like sectoral regulators, banks, governments, civil societies, NGOs, etc. to achieve the objective of financial
inclusion. Challenges of financial exclusion are faced by most of the states of the country and in order to solve it states
have to develop its own customized solutions drawing upon its own experiences and features and those of its peers across
the country.

REFERENCES

1. Chattopadhyay, S. (2011) Financial Inclusion in India: A case-study of West Bengal.

2. Dr. Vighneswara Swamy and Dr. Vijayalakshmi, Role of Financial Inclusion for Inclusive Growth in India- Issues
& Challenges, 2010.
3. “Financial Inclusion and Banks: Issues and Perspectives”, RBI Monthly Bulletin, November 2011.
4. “Financial Literacy and Consumer Protection – Necessary Foundation for Financial Inclusion”, RBI Bulletin, May
2012.
5. FICCI Report on Promoting Financial Inclusion, 2013.
6. Jessica Mary Innovation Management for Inclusive Growth in India, Advances In Management Vol. 5, Aug. 2012
7. Johnson, R.A & Wichern, D.W. (2000). Applied Multivariate Statistical Analysis. IVth-Edition.
8. Keynote Address by Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India at the BIS-BNM Workshop
on Financial Inclusion Indicators at Kuala Lumpur on November 5, 2012
9. “Measuring Financial Inclusion”, Policy Research Working Paper, 6025, World Bank.
10. RBI Annual Report 2011-12 (p. 88-92) contains the detailed India specific survey findings as per the World
Bank’s policy Research Working paper and latest status of Financial inclusion in India

View publication stats