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DOI: https://doi.org/10.63345/ijrhs.net.v14.i8.4
Dr. Inamur Rahaman
Department of commerce
M.M.H.College
CCSU University
Ghaziabad, Uttar Pradesh, India
Dr.Abhishek Kumar Singh
Department of commerce
M.M.H.College
CCSU university
Ghaziabad, Uttar Pradesh, India
Manju
Department of commerce
M.M.H.College
CCSU University
Ghaziabad, Uttar Pradesh, India
Abstract— Financial inclusion is one of the key components of inclusive growth in India. The financial inclusion strategies of the public and private sector banks have shown considerable differences. The purpose of this paper is to conduct an analysis of the approaches to financial inclusion employed by the State Bank of India (SBI), the largest public sector bank in India, and HDFC Bank, the largest private sector bank in India. Based on a descriptive-analytical approach utilizing secondary data sources, such as government reports, bank publications and academic literature, the study evaluates the scope, mechanisms of implementation, and effectiveness of financial inclusion activities carried out by the banks in the context of PMJDY and CSR programs. It was found that SBI demonstrates superiority in scheme-based financial inclusion because of its wide branch network and governmental mandate. HDFC Bank makes up for the relative weakness in terms of its branch network with its BC network and innovations in digital sphere and CSR-driven financial literacy programs. The conclusion is drawn that the combination of public bank reach and private bank efficiency could help to achieve financial inclusion.
Keywords— financial inclusion, public sector banks, private sector banks, PMJDY, State Bank of India, HDFC Bank, business correspondents, financial literacy
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