Unbanked in India: A qualitative analysis of 24 years of financial inclusion policies

Abstract

Social work has historically engaged in pioneering interventions to improve the financial well-being of people. India is an interesting case as it has the highest number of unbanked people on one side and numerous policy interventions on the other. Using systematic review and Gioia methodology, we analyzed 24 years of financial inclusion policies. Our analysis revealed that the efficacy of policies was impeded by flawed designs, as the policymakers preferred ‘quick fixes’ over long-term solutions. Our study highlights the need for learning from the past and organizing complex information in a way that helps policymakers in taking informed policy design decisions.