Moving Beyond Barriers

“I am delighted to see this elaborate and comprehensive new book on financial inclusion in India by Shika Saravanabhavan and Meenakshi Rajeev. Financial inclusion has always been a critical issue in India's development process. Students, teachers, researchers and policy experts would be immensely benefited by this contribution, amply rich in evidence and analyses.”

--Sugata Marjit, Former Vice - Chancellor, Calcutta University, India. Former Director and RBI Chair Professor , CSSSC, Kolkata, India


“Much has been written about financial inclusion in the Indian context. The Jan Dhan–Aadhaar–Mobile (JAM) trinity has brought about a transformative structural shift in this space, necessitating a holistic and comprehensive reassessment. This volume undertakes precisely that task, making it a significant and timely contribution to the literature on financial inclusion in India.”

--N R Bhanumurthy, Director, Madras School of Economics, India. Former Vice Chancellor, DR B R Ambedkar School of Economics, Bengaluru, India

This book provides a comprehensive analysis of financial inclusion in India, blending empirical analysis with policy evaluation. It showcases the remarkable progress achieved through various financial inclusion initiatives in India, most notably through the Pradhan Mantri Jan Dhan Yojana (PMJDY), while also addressing the challenges that persist. Drawing on unit-level data from multiple rounds of the NSSO-Debt and Investment Survey, the book offers a rigorous assessment of four core components of financial inclusion: savings, credit, insurance, and remittances. This analysis is further enriched by data from the Reserve Bank of India and the Global Findex, providing a well-rounded analysis.  By offering nuanced insights into India’s financial inclusion journey, this work serves as a valuable resource for policymakers, researchers, development practitioners, and students working in the domain of financial inclusion.

Shika Saravanabhavan is currently a Research Associate at the Institute for Social and Economic Change (ISEC), Bengaluru, India.

Meenakshi Rajeev is currently Professor of Economics at the Indian Institute of Technology, Jammu and Institute for Social and economic Change, Bengaluru, India.