Modeling the Challenges in Implementation of Financial Inclusion using ISM and MICMAC Approaches

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In this paper, the focus is on the challenges faced by the industries in the process of implementation of financial inclusion. Financial inclusion is a method of offering banking services and financial solutions and services to every individual in the society. Financial inclusion is implemented to remove the barriers that include people who do not let other people participate in the financial sector. Using this service, individuals can improve their life. It is also known as inclusive finance. The focus of financial inclusion is to provide reliable financial solutions to the underprivileged sections of the society. It provides financial solutions without any inequality. It spreads the resource knowledge of the financial system by developing a culture of saving a large amount. Rural population plays an important role in the process of economic development. The objective of this paper is to understand the challenges of socio-economic factors, geographical factors, limited availability of technology, high operational cost, financial inclusion and banks’ business plans, financial literacy, identification of documents, consumer protection, poor and gender inequality and cost of transaction account.

Keywords: Financial Inclusion, Financial Literacy, ISM Model, Underprivileged Sections

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