Abstract

By making financial services affordable and available to all aspects of society, financial inclusion is critical to achieving inclusive economic growth. With ancient initiatives such as the Pradhan Mantri Jan Dhan Yojana (PMJDY), Direct Benefit Transfer (DBT), the JAM triumjan (Jan Dhan–Aadhaar–Mobile), PM SVANidhi, and the SVAMITVA scheme, financial inclusion has been the focal point of policy discussions in India, particularly since 2014. This article reviews India's journey towards financial inclusion until 2025, including its history, government interventions, and quantifiable progress. The research critiques the achievements and limitations using World Bank secondary data, NITI Aayog, National Sample Survey Office, and Reserve Bank of India (RBI) databases. The research employs a mixed-method approach of research to discern problems such as digital exclusion, regional disparities, and inactivity of accounts. The findings suggest that while India has made significant progress toward universal access to banking, there is more to be done to make breadth and quality of inclusion a reality. The key objectives of the recommendations are to enhance product innovation for the poor, raise digital literacy, and strengthen data privacy protections.