Banking Sans Understanding: A Legal Analysis Of Linguistic Inaccessibility
Riddhi Agrahari, Quantum University
Aditi Mishra, Quantum University
ABSTRACT
India’s achievement of financial inclusion has observed significant growth in recent years, but linguistic inaccessibility in most parts of India continues to hinder development in the Banking Sector in India. This paper examines how the limited use of regional languages, especially in rural or semi-urban areas in the Banking sector in India, impedes financial inclusion and indirectly violates constitutional and consumer rights.
The study also seeks to trace developments that have been made in the direction of addressing the limited use of regional languages, where the predominance of the English language and neglect of regional languages restrict access to banking services in India. This paper further analyses the shortcomings in the current legal framework and the economic and social consequences of language exclusion.
A limited comparative analysis of two countries, such as the United States and Nigeria, shows how a multilingual framework and localised financial technology (Fintech) could ameliorate the issue of language exclusion in the Banking Sector in India
Overall, this research work involves a comparative analysis of different countries that helps identify the lack of regional language awareness in the banking sector, its impact on financial inclusion, gaps in the Indian banking sector and related legal provisions.
Keywords: Linguistic Inaccessibility, Financial Inclusion, Constitutional provision, Banking regulations, Linguistic rights.
