FINANCIAL INCLUSION FOR SUSTAINABLE DEVELOPMENT; Mr.

chitta Ranjan Mishra The nature of the topic being very intricate ,and it is a fact that a well developed financial system brings even the poor and downtrodden in to the mainstream of the economy and gives them an opportunity to contribute in a manner which would ultimately focus on their personal economic development and growth .Therefore in the Indian context the onus of responsibility has been given to the commercial banks to not only identify and segregate those people in the border line level of poverty (BPL&SHG Groups) but to also ensure their Financial inclusion in a manner that would highlight their saving habit based on their marginal propensity to save. In modern day scenario of economic environment Economic growth is essential for improving the quality of life everywhere. Financial sectors play an important role in mobilizing resources and paving the way for the growth and development of the society in general and people in particular. Financial inclusion is aimed at providing banking and financial services to all people in affair, transparent and equitable manner at affordable cost to the vast sections of the disadvantage and low income groups. It covers wider financial services such as credit, savings and insurance etc. Hence financial inclusion is concluded to be the critical factor for inclusive growth and ultimately ensuring sustainable overall development in the state. The relationship between financial inclusion and Economic growth and considered financial inclusion as a major determinant to economic growth. In fact there exists a two way relationship between financial inclusion and economic growth, on the one site, higher the financial inclusion, higher will be economic development, on other site greater infrastructural development and economic development facilitate higher financial inclusion. Financial inclusion creates sustainable business opportunities for the financial system, for example as more and more people join the mainstream and create more people join mainstream and create more economic activities. More saving regenerated, more employment is created through more productive investments and markets for goods and services expand. There by creating vicious cycle of growth, In broader view, by increasing the economic opportunities of the poor and low income people the economic development and growth increase, become deeper and more inclusive and results in social progress.

Financial inclusion is conceived as a major driving force to achieve self sustained inclusive economic growth.Achieving financial inclusion through formal banking system is a cumber some task, unavailability of adequate financial service like credit, insurance, and remittance to majority population at an affordable cost is a major road block for the growth of Financial sector.