Journal of Advances in Developmental Research

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Role of Banking Services in Promoting Financial Inclusion and Economic Growth in Bihar: An Analytical Study with Reference to State Bank of India and ICICI Bank

Author(s) Prem Kishore, Prof. Dr. Shashi Kant Singh
Country India
Abstract Banking services play a crucial role in fostering financial inclusion and accelerating economic growth, particularly in developing regions. This conceptual and analytical study examines the role of banking services in promoting financial inclusion and economic development in Bihar, with special reference to State Bank of India (SBI) and ICICI Bank. The study is based on secondary data collected from reports of the Reserve Bank of India, government publications, and existing research studies.
The analysis highlights that banking institutions significantly contribute to financial inclusion by expanding access to basic banking services such as savings accounts, credit facilities, and digital transactions. Public sector banks like SBI have played a vital role in extending banking services to rural and underserved areas, thereby supporting government initiatives such as Jan Dhan Yojana and Direct Benefit Transfer (DBT). On the other hand, private sector banks like ICICI Bank have enhanced service efficiency and promoted digital banking, contributing to economic growth through innovation and improved customer experience.
The study finds that financial inclusion has a direct positive impact on economic growth by increasing savings, promoting investments, and enhancing access to credit. However, challenges such as low financial literacy, digital divide, and infrastructural limitations continue to hinder the full realization of these benefits in Bihar.
The study concludes that both public and private sector banks play complementary roles in promoting financial inclusion and economic growth. While public banks ensure accessibility, private banks drive efficiency and innovation. Strengthening coordination between these sectors can significantly improve financial inclusion outcomes.
Keywords Financial Inclusion, Economic Growth, Banking Services, Digital Banking, Bihar, Financial Access
Published In Volume 17, Issue 1, January-June 2026
Published On 2026-06-18
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Crossref DOI prefix of IJAIDR is 10.71097/IJAIDR

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