Financial Inclusion in India: A case study on State Bank of India.

STATE Bank of India 963936450

"Financial inclusion is a multi-faceted term with differing perspectives around the world. Because financial product requirements differ from person to person and country to country, (Kempson and Whyley, 1999; Regan and Paxton, 2003; Speak and Graham, 2000)." Financial inclusion is gaining traction as a new model of economic development that can help the country escape poverty. It tends to the development of new policy for banking services to the general public, both privileged and disadvantaged, on reasonable terms and circumstances. In the current context, it makes it possible to close the gap between the rich and the poor. Banking sectors are proved as one of the strongest supports for country's progress, economic development and growth. The purpose of this research is to look at the impact of financial inclusion on economic growth over a period of 10 years ranging from 2007 to 2016. Secondary data collected from RBI website and SBI's annual report has been evaluated using a multiple regression analysis as the major statistical technique. The present study has found that independent variables viz. number of SBI bank branches, SBI ATM growth rate and credit deposit ratio of SBI, overall have a significant impact on the dependent variable i.e. GDP growth of India. But individually, number of SBI bank branches have statistically significant impact on GDP growth, where as other two independent variables have no statistical significance on GDP growth. [ABSTRACT FROM AUTHOR]

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