scholarly journals Modern aspects of the development of financial inclusion in rural areas of the Russian Federation

2021 ◽  
Vol 285 ◽  
pp. 01013
Author(s):  
Svetlana Podgorskaya
Keyword(s):  
Mobile Communications ◽  
Rural Areas ◽  
Financial Services ◽  
Digital Literacy ◽  
Rural Population ◽  
Information Technologies ◽  
Financial Inclusion ◽  
Digital Inequality ◽  
Low Level ◽  
Special Programs

The article considers financial inclusion as the most important means of achieving sustainable comprehensive economic growth. It is established that in the new model of sustainable development of rural areas, the financial involvement of households and small and medium-sized businesses is of particular importance. However, in Russia, among all segments of the population, the most excluded category from financial and economic interaction is precisely rural residents. The main reasons for this situation are digital inequality in the form of low availability of digital communications (Internet and mobile communications) for the rural population, the low level of digital and financial competencies of the villagers, and the low level of income of rural households. Despite the government’s policy to increase the financial accessibility of banking services and eliminate digital inequality, in regulatory and policy documents, references to rural areas are either indirect or absent. Today, there is a boom in the digitalization of financial services; the level of development of information technologies allows you to create more convenient, efficient and mobile products that do not require visits to bank branches and face-to-face consultations. At the same time, such digitalization can become a threat to the development of financial inclusion in rural areas. In this regard, are needed special programs to improve the financial and digital literacy of the rural population, as well as a system of accessible consulting support on lending issues.

Evaluation of Financial Inclusion Index for accessing Banking Technology through Rural Population from the States of India

2019 ◽  
Vol 118 (8) ◽  
pp. 261-265
Author(s):  
Dr.M. Bhuvana
Keyword(s):  
Rural Areas ◽  
Financial Services ◽  
Rural Population ◽  
Research Study ◽  
Financial Inclusion ◽  
Insurance Company ◽  
Indian Government ◽  
Financial Products ◽  
Reserve Bank ◽  
Reserve Bank Of India

Reserve bank of India has described the term Financial Inclusion as the sequence of activities that has taken place in proving financial services to the most vulnerable people in country at a very low affordable cost. The financial services like assess to financial products such as small deposits and savings, providing basic credit requirements through formal financial institutions like post offices, banks, microfinance institutions and banks. Rural people faces may issues and challenges in using financial products and services to meet their basic needs. Hence this research study has done an analysis to evaluate index of financial inclusion for various states of India with four different types of dimensions like Penetration of Bank Branches in rural areas, Credit Penetration, Deposit and Penetration of Insurance Companies in the rural regions of all the states of India. Different resources namely the website of Reserve Bank of India, Census 2011 data, articles and journals has been utilized to gather the secondary data for the study. The dimensions such as deposit, credit, insurance company penetration and bank branch penetration in rural areas of different states of India has been measured by accessing multidimensional approach to examine financial inclusion index 2018. From the research study, it is found that the states Puducherry, Daman & Diu, Chandigarh and Goa has Financial Inclusion at below average level (between 35-50) and the remaining states in India has financial inclusion at very low level in rural areas (Below 35).As concerned with rural population many states in India has financial inclusion at below average and lower level. The concern authorities from Indian Government should examine those states that are highly eliminated from accessing banking services to restructure the position of financial inclusion

scholarly journals How does financial literacy impact on inclusive finance?

2021 ◽  
Vol 7 (1) ◽  
Author(s):  
Morshadul Hasan ◽  
Thi Le ◽  
Ariful Hoque
Keyword(s):  
Rural Areas ◽  
Financial Literacy ◽  
Financial Services ◽  
Rural Population ◽  
Poverty Reduction ◽  
Population Data ◽  
Financial Inclusion ◽  
Probit Regression ◽  
Financial Access

AbstractInclusive finance is a core concept of finance that makes various financial products and services accessible and affordable to all individuals and businesses, especially those excluded from the formal financial system. One of the leading forces affecting people's ability to access financial services in rural areas is financial literacy. This study investigated the impacts of financial knowledge on financial access through banking, microfinance, and fintech access using the Bangladesh rural population data. We employed three econometrics models: logistic regression, probit regression, and complementary log–log regression to examine whether financial literacy significantly affects removing the barriers that prevent people from participating and using financial services to improve their lives. The empirical findings showed that knowledge regarding various financial services factors had significant impacts on getting financial access. Some variables such as profession, income level, knowledge regarding depositing and withdrawing money, and knowledge regarding interest rate highly affected the overall access to finance. The study's results provide valuable recommendations for the policymaker to improve financial inclusion in the developing country context. A comprehensive and long-term education program should be delivered broadly to the rural population to make a big stride in financial inclusion, a key driver of poverty reduction and prosperity boosting.

scholarly journals From financial exclusion to financial inclusion through microfinance: the case of rural Zimbabwe

2014 ◽  
Vol 11 (4) ◽  
pp. 447-455 ◽  
Author(s):  
Patricia Lindelwa Makoni
Keyword(s):  
Rural Communities ◽  
Rural Areas ◽  
Financial Services ◽  
Rural Population ◽  
Commercial Banks ◽  
Large Population ◽  
Study Data ◽  
Financial Inclusion ◽  
Microfinance Institutions ◽  
Financial Exclusion

This paper sought to shed light on the status of rural banking and financial exclusion in Zimbabwe. Various reasons put forth by existing commercial banks were examined to understand why a large population of the country remains unbanked. These ranged from perceptions of the rural communities being too poor to need financial services to real economic and business decisions. Various literature on banking the poor and success stories from other countries were discussed in the literature. To meet the objectives of the study, data gathered from various individuals, commercial banks and microfinance institutions based in Matabeleland North was analysed. It was found that the rural population is in fact largely bankable. However, due to inadequate basic infrastructure in the rural areas, it did not make business sense for established banks to service that population. Banks exist to make a profit and the burden of ensuring financial inclusion of the rural population was left mainly to microfinance institutions which however faced a serious of challenges ranging.

scholarly journals A Study on the Impact of Schemes and Programmes of Government of India on Agriculture to Increase Productivity, Profitability, Financial Inclusion, and Welfare of Farmers to Transform them into Modern Society

2021 ◽  
pp. 231-243
Author(s):  
Mahesh K. M. ◽  
P. S. Aithal ◽  
Sharma K. R. S.
Keyword(s):  
Rural Areas ◽  
Financial Services ◽  
Modern Society ◽  
Modern Technology ◽  
Mobile App ◽  
Financial Inclusion ◽  
Agricultural Products ◽  
Theoretical Concepts ◽  
The Government ◽  
The Impact

Purpose: The foremost intent of this research article is to create awareness about various schemes for the productive sector of agriculture. Through this study, the level of performance of these agricultural schemes and programmes were analysed that will be helpful for the attainment of financial inclusion. Hence it is necessary to know about various schemes and their making to connect the beneficiaries. Agriculture is the basic source of food supply, production, processing, promotion and distribution. Agricultural products contribute to Gross Domestic Product (G.D.P.) and generate employment in rural areas. They transform the lives of the farmers in modern society. The government of India has introduced Minimum Support Price (MPS), MIF, PMKSY, PMFBY, e-NAM, PM-KISAN, PMJDY, PM-KUSUM, PKVY, NAMS, and MGNREGS. The mobile app KisanSuvidha and innovative programmes like Kisan Rail, KrishiUdaan double the farmers’ Income (DFI). These help in transforming village economy, coverage of irrigation, crop insurance, and stabilizing the income. They also ensure financial support, flow of credit and Direct Benefit transfer of subsidies and funds to beneficiaries. Adopting modern technology, farm-based activity, poultry, dairy, forestry, beekeeping and with the support of SHGs which will directly impact productivity, profitability, financial inclusion, and the welfare of farmers in the 21st century and development of the country’s economy. Design/ methodology/approaches: This study is all about the theoretical concepts based on analysis of various schemes and interconnect. Findings and results: This study reveals that the effectiveness of various agricultural programs and also identifies the benefits and beneficiaries of these schemes. Under this research, various financial services, subsidies, funds released, online platform for agricultural products, funds for micro-irrigation, and so on benefits provided by the government of India were studied. Originality/value: Analysed the various schemes and compelled its beneficiaries and develop a modern to achieve financial inclusion and economic growth through the study. Type of Paper: Research Analysis.

scholarly journals ROLE OF TECHNOLOGY IN FINANCIAL INCLUSION IN INDIA

2021 ◽  
pp. 1-5
Author(s):  
Arun.K.V
Keyword(s):  
Rural Areas ◽  
Financial Services ◽  
Business Models ◽  
Formal System ◽  
Financial Inclusion ◽  
Handheld Devices ◽  
Mobile Banking ◽  
Major Step ◽  
Banking Business

Technology and financial inclusion are the popular coinage in banking parleys in the country. While technological upgradation and mobile banking are catching up so fast, financial inclusion is tardy. Financial inclusion is a major agenda for the Reserve Bank of India (RBI). Without financial inclusion, banks cannot reach the un-banked. It is also a major step towards increasing savings and achieving balanced growth. The reach the country is having with technological progress mobile banking has the potential to emerge as a game changer in terms of costs, convenience, and speed of reach. Business models of banks, telecom operators and other stakeholders need to converge. However, the banking industry’s penetration to un-banked areas is still found sluggish. The role of the Indian banker is challenging. At one end of this spectrum lies the demand to achieve financial inclusion as nearly 50 per cent of the population is yet to be covered under the formal system of banking and at the other end lies the task to fulfil the needs of the existing customers. The first priority for banks is to adopt core banking solution (CBS), including all regional rural banks (RRBs). Next, a multi-channel approach using handheld devices, mobiles, cards, micro-ATMs, branches and kiosks can be used. However, it should be ensured that the transactions put through such front-end devices should be seamlessly integrated with the banks’ CBS. In rural areas, where accessibility is a problem, banks are using the microfinance network and business correspondents and facilitators to bring more people under the ambit of banking services. Capitalising on the huge untapped potential in smaller towns and cities and rendering financial services to this segment of people poses a big challenge. Few banks have explored technology solutions to increase the scale of their microfinance portfolios, with the use of smart cards and core banking solutions. KEYWORDS- Technology, Financial Inclusion, Core Banking, Business Correspondents

scholarly journals The Nexus between Mobile Money Regulation, Innovative Technology and the Promotion of Financial Inclusion in Zimbabwe

2021 ◽  
Vol 24 ◽  
pp. 1-33
Author(s):  
Howard Chitimira ◽  
Elfas Torerai
Keyword(s):  
Low Income ◽  
Rural Areas ◽  
Financial Services ◽  
Banking Sector ◽  
Regulatory Framework ◽  
Financial Inclusion ◽  
Innovative Technology ◽  
Technological Innovations ◽  
Mobile Money ◽  
The Poor

The advent of mobile money innovations has given people in rural areas, informal settlements and other poor communities an opportunity to participate in Zimbabwe's mainstream financial economy. However, the technology-driven money services have presented some challenges to the traditional banking sector in general and the regulation of financial services in particular. Firstly, most mobile money services are products of telecommunication corporations, which are not banks. Telecommunication companies use their network reach to provide mobile money services via mobile devices at a cheaper cost than banks across the country in Zimbabwe. As such, banks face unprecedented competition from telecommunications companies that are venturing into financial services. It also appears that prudential regulation of banks cannot keep up with the fast pace at which technological innovations are developing and this has created a disjuncture between the regulation and the use of technological innovations to promote financial inclusion in Zimbabwe. The Banking Act [Chapter 24:20] 9 of 1999, the Reserve Bank of Zimbabwe Act [Chapter 22:15] 5 of 1999 and the National Payment Systems Act [Chapter 24:23] 21 of 2001 have a limited scope in terms of the regulation of mobile money services in Zimbabwe. The Ministry of Finance and Economic Development launched the National Financial Inclusion Strategy (NFIS) 2016-2020 to provide impetus to the financial inclusion of the poor, unbanked and low-income earners in Zimbabwe. However, the NFIS appears to push more for bank-led financial inclusion than it does for innovation-driven initiatives such as mobile money services. This article highlights the positive influence of mobile money services in improving financial inclusion for the poor, unbanked and low-income earners in Zimbabwe. The article also seeks to point out gaps and flaws in the financial services regulatory framework that may limit the potential of mobile money services to reach more people so that they actively participate in the Zimbabwean economy. It is submitted that the Zimbabwean mobile money services regulations and the financial regulatory framework should be carefully amended in line with the recent innovations in mobile money to adequately regulate the use of mobile money services and innovative technology to address the financial exclusion of the poor, unbanked and low-income earners in Zimbabwe.

Cоциальная мобильность и миграционные настроения сельской молодежи региона (по результатам социологического исследования)

2020 ◽  
pp. 227-243
Author(s):  
Nogan V. Badmaeva ◽  
Keyword(s):  
Young People ◽  
Rural Area ◽  
Rural Areas ◽  
Rural Population ◽  
Main Channel ◽  
Social Conditions ◽  
Low Level ◽  
Life Plans ◽  
Survey Results ◽  
The Republic

The article presents the results of the sociological survey of the young rural population of the Republic of Kalmykia on the problems of migration. The study analyzes the main goals and directions of the migration of young people. The results of the survey showed that the basic factors of the migration from rural areas are low level salaries, lack of work places, undeveloped infrastructure. The low level of social conditions is also one of the factors of migration of young people. The majority of the respondents plan to live in metropolises of Russia. No one of the respondents wants to live in a rural area. Thus, the analysis of the survey results showed that for young rural population the main channel for mobility is migration. It is important to note that rural area settlements have low level of attractiveness and prestige among contemporary young people which is due to low quality and level of life and the lack of preconditions for implementing life plans and strategies of the young people of the region.

Journey of Financial Inclusion Driven by Indian Banking Industry

2018 ◽  
pp. 186-223
Author(s):  
Abhineet Saxena ◽  
Ashish Sharma
Keyword(s):  
Economic Development ◽  
Financial Institutions ◽  
Rural Areas ◽  
Rural Population ◽  
Banking Industry ◽  
Financial Inclusion ◽  
North Eastern ◽  
North Eastern Part ◽  
Made In

Financial institutions, especially banks, have proved to be a boon for the economic development of a country like India. An attempt has been made in the present chapter to analyze the state of financial inclusion and the role of banking in achieving full financial inclusion in India. The journey of financial inclusion through banking in India has been critically appraised. Some of the important outcomes that can be highlighted are increased banking access of rural population in past few years together with the huge expansion in banking infrastructure in rural areas. Banking in India has been transformed with the introduction of PMJDY, BC Model, etc. Increasing trend has been observed in IMPS and M-Wallet penetration. North-eastern part of the country is still a challenge in the way of financial inclusion. The journey of financial inclusion on the wheels of Indian banking industry is still in search of the ultimate destination, and it will take miles to achieve full financial inclusion.

scholarly journals Socio-Economic Analysis of Effectiveness of Implementation of an Employment Guarantee Scheme at Local Level: A Study of a Village in India

2020 ◽  
Vol 4 (2) ◽  
pp. 23-30
Author(s):  
Sanjeet Mahapatra ◽  
Anand Pandey ◽  
Badri Narayanan
Keyword(s):  
Rural Areas ◽  
Financial Services ◽  
Rural Population ◽  
Social Protection ◽  
Local Level ◽  
Uttar Pradesh ◽  
Primary Data ◽  
Wage Policy ◽  
Wage Payment ◽  
Scientific Papers

The main purpose of the study is to develop theoretical and practical principles for analyzing the economic efficiency of the program to guarantee employment in rural areas in India. This program of support and active promotion of employment of the rural population is the result of the adoption of the Law on Guarantees of Employment in Rural Areas. The relevance of the choice of this scientific problem is that most scientific papers focus on assessing the effectiveness of the implementation of this legal act at the macro level, while the article analyzes this issue at the level of a particular locality. The object of the study was the village of Sanatpur in Uttar Pradesh, India. The study conducted a survey of participants in the program to guarantee employment in this rural area, which served as a basis for primary data, as well as used official statistics on the implementation of this program in the country. Descriptive statistics methods were used to analyze the effectiveness of the program to guarantee employment in rural areas. The article analyzes the mechanism of implementation of the program to guarantee employment in rural areas, namely the peculiarities of job creation in rural areas, the formation of wage policy, as well as the payment of wages to local residents. The field study identified key difficulties in implementing the above program: insufficient awareness of villagers about the opportunities and benefits of participating in the approved employment support program, as well as low access to basic financial services and lack of almost 70% of the rural population individual bank accounts. The results of the study can be useful for local and national governments in the field of social protection and social security. Keywords: decentralized planning, wage payment, job guarantee.

Sign in / Sign up

Export Citation Format

Share Document