University Institute of Legal Studies
Financial inclusion is the affordable accessibility of formal financial services to the vulnerable group and weaker sections of society. In India financial exclusion is a major problem, for which government of India has taken many initiatives such as no frill accounts, self help groups, banking facilitator/banking correspondents, relaxing KYC norms etc. and banks are playing the role of mediator in the process of financial inclusion. India has improved its position in financial inclusion index from 37.6 in 2010 to 50.1 in 2013 on the scale of 100.