Growth and Trends in Financial Inclusion in India

Only through the proper mechanisms that distribute all resources from top to bottom can inclusive growth be achieved. Because India has the world’s largest rural population, the area of financial inclusion is novel that uses various approaches to improve rural people’s banking habits. Financial inclusion aims to facilitate financial services, banking facilities to all people at an accessible cost in an indifferent, clear, and horizontal manner. Low-income families have low access to bank accounts, must spend time, money on several visits to obtain banking services, similarly the opening a savings bank account or applying for a loan. In this connection, many rural families find it challenge to save and prepare financial security for future. The present paper tried to explain how much to awareness of financial inclusion and financial literacy in India. Branch network; Linkage with Government agencies, and Extension Agencies; Development of customer-friendly new products and services; Population density awareness of Technology use for daily


Introduction
Inclusion of finance is an essential component of long-term, balanced economic growth that decreases inequalities of income. While we have made great progress in this sector over the years, the pandemic has introduced complications and challenges to the situation. After meet up the needs and demands of our recovering economy, financial sector will be vital. The below graphical representation shows that, a primary approach to include three elements: 1. Financial Education 2. Financial inclusion 3. Financial Stability. The demand side is provided by financial education, which raises insight into the requirements and opportunities of services provided by bank institutions and further financial institutions. While financial inclusion promotes awareness of the requirements and benefits of financial services supplied by banks along with other institutions, financial education promotes knowledge of the needs and benefits of services provided by banks and other institutions. These two techniques will help to increase financial stability future time. The Financial Stability Development Council (FSDC) is charged with focusing on financial literacy as well as financial inclusion.

The Financial Tripe
Dr. C. Rangarajan is a chairman of the Financial Inclusion committee says "Financial inclusion" is defined as "the process of assuring weaker section groups, such as weaker parts and low-income groups, affordable access to financial services and timely and adequate financing when needed." According to Dr. Raghuram G. Rajan, chairman of the committee on financial sector reforms "Broadly defined, financial inclusion refers to universal access to a wide range of financial services at a fair cost." These include not only banking products, but also insurance and equity products."

Scope of the Study
RBI, commercial banks, microfinance institutions, and other financial institutions all played vital roles in improving and developing the field of financial inclusion. My research focuses on how many facilitates the number of ATMs per every 1000 km and 1,00,000 adults, as well as the position of provide borrowing facilities with commercial banks and micro finance institutions may help promote financial literacy and inclusion for India's rural and semi-urban populations. Even today, financial inclusion plays an important part in the country's GDP growth, so how much does it contribute to the country's GDP and what role does it play in expanding GDP with the support of banking institutions, non-banking institutions, and other financial corporation's.

Review of Literature
According to IIMS (2007), the financially excluded consumers have certain unique characteristics which decouple them from the proper financial system in its current form like financial illiteracy, low down and repeated income, negligible collateral due to low / no savings on fixed assets, low credit history, and deficiency of formal and provable identity, credit primarily for personal consumption.
The Indian Bank's Association (2012) The necessity for a cost-effective IT-enabled model focused on serving the underprivileged was suggested in the Approach Paper on IT-enabled Financial Inclusion, which listed the following obstacles that must be overcome with the technology intervention model of financial inclusion: Distance and reach; Environmental factors; Alternative models such as BCs and BFs; Communication last mile; Simplifying KYC norms and master data maintenance; Link failure contingencies; Equipment servicing; Branch network; Linkage with NGOs, Government agencies, and Extension Agencies; Development of customer-friendly new products and services; Population density and awareness of banking; Technology use for daily operations The Approach Paper included 23 recommendations for implementing technology to promote financial inclusion.
Financial Access Survey (FAS) of World Bank (2012) India has 33.17 commercial bank branches per 1,000 km2; 11.38 commercial bank branches every 100,000 adults; 32.67 ATMs per 1,000 km2; 11.21 ATMs every 100,000 adults; 68.64 outstanding deposits with commercial banks (% of GDP); 54.24 outstanding loans from commercial banks (% of GDP); 68.64 outstanding deposits with commercial banks (% of GDP); 68.64 outstanding deposits with commercial banks (% of GDP); 54.24 outstanding loans from commercial banks (per For every 1,000 adults, there are 1042.48 deposit accounts with in commercial banks, 151.06 loan accounts with commercial banks, 892.49 household deposit accounts with the commercial banks, and 23.54 household loan accounts with commercial banks. RBI Annual Report (2013), According to the Reserve Bank of India's Annual Report 2013, India performed poorly on financial inclusion measures when compared to the worldwide average. According to the survey, India also fared low in credit cards, outstanding mortgages, health insurance, adult origination of new loans, and mobile banking, indicating that financial inclusion is still a work in progress. The BC model has failed to meet the needs of financial inclusion. The model cannot serve the goal of financial inclusion on its own. According to the report, it cannot replace the services and consumer confidence that brick and mortar bank locations give.

Methodology
It is based mainly on secondary data both qualitative and quantitative the qualitative data is based on cases study reports, observations and focused group discussions. The quantitative data is collected form IMF Reports, RBI Reports, Internet and Andhra University Library.

Growth and Trends in Financial Inclusion in India 1. Number of ATMs per every 1,000 km2
The total No. of ATMs every 1,000 km2 in India witnessed a CAGR of 25.81% during 2011. The total of ATMs every 1,000 km2 increased from 73.67 in 2020. It indicates the financial inclusion in the area of No. of ATMs has been increased continuously. (Table-1 and Chart-1)

Number of borrowers from all microfinance institutions per every 1,000 adults
The total amount of borrowers from all microfinance institutions per every 1,000 adults in India witness to 26.16% during 2011.The No. of borrowers from all microfinance institutions per every 1,000 adults in India increased from 31.62 in 2020. It indicates the financial inclusion in the area of No. of borrowers from all microfinance institutions per 1,000 adults has been fluctuating in the years of 2016, 2017 and it was increased in the year 2020 (i.e. 31.62). (Table-3

Number of all microfinance institution branches per every 1,000 km2 and per every 100,000 adults
The Total No. of every microfinance institution branches per every 1,000 km2 in 2011 was 3.33% and it was increased to 4.82% in 2020 in India it was witness to the No. of all micro finance institutions branches increased. Microfinance institution branches per every 100,000 adults in India were increased from 1.14% (2011) to 1.41% (2020). It shows that the financial inclusion in the area of No. of branches from all microfinance institutions per 1,000 adults was increased in the year 2020. (Table-4

Number of mobile money transactions per every 1,000 adults
As per RBI norms to implementation of financial inclusion the quantity of mobile money transactions per every 1,000 adults increased manifold from 36.17 in March 2013 to 4222.96 in March 2020, spread across length and breadth of the country (Chart 8 and table-8). The share of number of mobiles money transactions (during the reference year) per 1,000 adults in GDP was increased 0.01% in 2013 to 0.93% of 2020. It is indicate the financial literacy was increased during the 2011 to 2020.

Conclusion
To sum up, Financial Inclusion supports inclusive growth by making financial services that is credit and other safety nets, available to those at the bottom of the economic pyramid. Financial inclusion plus inclusive growth enhance financial stability, according to historical lessons and experiences obtained during the COVID-19 epidemic. People at the bottom of the pyramid will be better equipped to make educated financial decisions therefore of increased financial literacy and education, plus effective consumer protection systems. This will also allow banks, NBFCs, MFIs, and other financial institutions to expand their customer base and product offerings while diversifying their balance sheets.
I am conclude that the No. of ATMs per every 1,000 km2 increased from 73.67 in 2020, No. of borrowers from all microfinance institutions per 1,000 adults in India witness to 26.16% during 2011. The No. of borrowers from all microfinance institutions per every 1,000 adults in India increased from 31.62 in 2020. The share of No. of mobiles money transactions (during the reference year) per every 1,000 adults in GDP was increased 0.01% in 2013 to 0.93% of 2020. It is indicate the financial literacy was increased during the 2011 to 2020.