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Abstract
After 47 years of nationalization of banks and 68 years of independence, financial instability prevails in the count.ry because a large sec.tion of India’s populat.ion especially rural areas still remain unbanked (Meera et al., 2016). Realizing the importance of sustainable economic development and inclusive growth, which can be achieved through financial inclusion (Rajanikanta, 2014) because it allows financially excluded and unbanked individuals to be included under the formal banking system (Barik et al., 2019). In order to mitigate long drawn financial suffering and for sustainable development of Indian economy,Policymakers and financial institutions have made attempts to bring a large section of the population into the banking system (Rajanikanta, 2014). In.dian Government and Reserve Bank of Ind.ia had made concerted efforts to endorsefinancial inclu.sion and some other main initiatives over the past five decades which include: nationalizing banks, creating comprehensive branch networks of planned commercial banks, setting up self-help groups, authorizing banks to nominate business correspondents / business facilitators to provide banking services at the door, Zero Balance Basic Savings Bank deposit (rbi.org.in, 2013).