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The RBI former Governor Raghu ramRajan give his statement, in conceptual terms, what inclusion should be. "Simplicity and reliability in financial inclusion in India, though not a cure all, can be a way of liberating the poor from dependence on indifferently delivered public services and from venal politicians," he also said , "in order to reduce the poverty, the products should address their needs, a safe place to save, a reliable way to send and receive money, a quick way to borrow in times of need or to escape the clutches of the money lender, easy to understand life and health insurance and an avenue to engage in savings for the old age." For developing nations the time is of inclusive growth and the key for inclusive growth is financial inclusion. Financial inclusion or inclusive financing is the delivery of financial services, at affordable costs, to sections of disadvantaged and low income segments of society. There have been many challenges in financial inclusion area such as bringing the gap between the sections of society that are financially excluded within the compass of the formal financial system, providing financial literacy and strengthening credit delivery mechanisms so as to improvised the financial economic growth. The paper highlights the basic features of financial inclusion, and its need for social and economic development of the society. The study emphasis on the role of financial inclusion, in strengthening the India's position in relation to other countries economy progress in ATMs and success of supporting plans of financial inclusion. For analyzing such facts data for the study has been gathered through secondary sources including report of RBI, online journal and articles of The HINDU on financial inclusion and other articles written by eminent authors. After analyzing the facts and figures it can be concluded that undoubtedly financial inclusion is playing a catalytic role for the economic and social development of society but still there is a long road ahead to achieve the desired outcomes.Key Words: Financial Inclusion, Venal Politicians, Mechanisms, Formal Financial System