Discourse on the Financial Inclusion of Uttarakhand : An Empirical Analysis on Changing Dynamics of Demography

To analyse the performance of financial inclusion in pace of social inclusion, economic growth and economic development, research selected Uttarakhand state for study. The paper examined the impact of mainstream banking on the financial Inclusion of Uttarakhand State and analyse the extent of financial inclusion by constructing own Dynamic Financial Inclusion Penetration DFIP Index for the dynamic population. This Index explored the performance of various dimensions by calculating penetration, based on selected indicators like demography, geographic area and banking services using time series data from 2013-21. Based on the findings from DFIP Index, the research concluded that financial inclusion in the Uttarakhand State is being limited to the geographic and Demographic penetration of banks, ATMs and PoS, which ignites a further discussion that it is not the bank account for which the financial inclusion is emphasized, but it is the credit service from the mainstream banking which promotes economic growth, women empowerment, and poverty reduction. The research suggested that supply and demand side of financial inclusion is sufficient in Uttarakhand but the requirement of creditability and the business potential for common individuals must be enhanced through innovation and development programme also efficient implementation, monitoring and evaluation of such programme is required to achieve the targets of financial inclusion