Design of financial inclusion system for rural India

摘要

Nearly, 70% of India's population lives in rural areas. According to the latest census the growth rate of rural parts has sharply declined. The major reasons of low growth rates include lack of financial services. Hence, one of the possible solutions to the decreasing growth rates is providing financial inclusion services at affordable costs to segments of low income sections of society. In this paper we have proposed a financial inclusion system (FIS) which aims to provide banking services to people in villages. The application of FIS runs on a portable device and therefore, people in villages can now open their bank accounts, make transactions, deposit cash, withdraw cash and take advantage of other banking services as well.