Published Paper Details:

Financial inclusion is turning out to be the latest phenomenon in social policy formulation. For the last two decades especially with reference to Indian economy financial inclusion gets top priority amongst the policy makers. The research was conducted to know whether access to banking /financial institutions will lead to the desired outcomes. In particular, the study aims to study the role of financial inclusion in achieving the economic well-being of the rural households. The economic well-being of a rural household had been studied by understanding the contribution of financial inclusion in achieving human development and financial well-being of the rural households. A total of 205 rural households were drawn out of selected villages of district Bareilly, Uttar Pradesh to collect the data. Both qualitative and quantitative techniques had used for collecting the data. Access to financial inclusion has been witnessed a sharp increase but the outcome of this access to financial inclusion is very exclusive. Bank accounts are generally used for the purpose of using government payments such as MGNREGA wages, scholarship, old age pension etc. It has been also found that economically sound rural households had used the banking channels in the most efficient way. Financial literacy, customized products, too many documents, and requirement of collaterals are the main issues which are hampering the impact of financial inclusion. Hence, the policy makers and implementers should work in close co-ordination while formulating the financial inclusion policy which should surely benefit the underprivileged sections of the society as well as providing new business opportunities to banks.