Financial inclusion Growth in Haryana

2021 ◽  
Keyword(s):  
Rural Areas ◽  
Composite Index ◽  
Financial Inclusion ◽  
Easy Access ◽  
Bank Branches ◽  
General Overview ◽  
Regulatory Authorities ◽  
Stage Of Development ◽  
Developmental Indicators ◽  
Index Index

The present study was undertaken to develop a composite index (Index of Financial inclusion) that shows a general overview of Haryana and ranks different districts of Haryana based on this index. The Wroclaw Taxonomic method was used to construct the financial inclusion index as it addresses assumptions regarding various developmental indicators themselves and their weighting. A further comparison was made between the financial inclusion index for 2010 and 2018 to examine growth over the last decade. The findings showed that financial inclusion in Haryana moved up to firm from above average. However, the state was still finding it difficult to attain its key financial inclusion indicators. The study also found a higher disparity between high and low categories of the stage of development. Only two districts, Gurugram and Panchkula, have higher financial inclusion in all districts of Haryana. Government and other regulatory authorities should expand the network of bank branches and ATMs, especially in rural areas, to have easy access and availability of bank services.

scholarly journals FINANCIAL INCLUSION: A PRELUDE TO ECONOMIC STATUS OF VULNERABLE GROUP

2016 ◽  
Vol 4 (12) ◽  
pp. 147-154
Author(s):  
Mukesh Kumar Sharma
Keyword(s):  
Low Income ◽  
Rural Areas ◽  
Financial Services ◽  
Financial Stability ◽  
Financial Inclusion ◽  
Current Status ◽  
Easy Access ◽  
Resource Base ◽  
Banking Services ◽  
The Government

India is a country where a sizeable amount of population lives in rural areas. They are engaged in agriculture and allied activities. Most of the people living in rural areas are poor. They do not have any access to the banks. The awareness and access of the poor to the banking services is important for the alleviation of the poverty. Their access to the banking services will contribute a lot to the growth and development of our country’s economy. Financial inclusion is a great weapon to overcome the financial backwardness as well as the establishment of good governance.It broadens the resource base of the financial system by developing a culture of savings among large segment of rural population, disadvantaged group and plays an essential role in the process of economic development. The Government of India and the Reserve Bank of India (RBI) have been making concentrated efforts periodically to overcome such vicious problems by promoting Financial Inclusion, being one of the important national objectives of the country. Since first phase of nationalization (1969) GoI continuously promoting financial inclusion through self-help groups, no frills account, simplification of KYC, Business correspondents etc., but no palpable effect could be seen in the plight of these financially vulnerable people. To mitigate this long drawn financial sufferings, Prime Minister Narendra Modi announced a new scheme in his Independence Day speech on 15th Aug 2014 called Pradhan Mantri Jan DhanYojana (PMJDY). Mission of PMJDY is to ensure easy access of financial services for the excluded section i.e. weaker section and the low income group. This effort will certainly go a long way in promoting economic growth and reducing poverty, while mitigating systematic risk and maintaining financial stability. This article focuses on the RBI, GoI initiatives, current status and future prospects of financial inclusion in India on the basis of facts and data provided by various secondary sources. It is concluded that financial inclusion shows positive and valuable changes.

Financial Inclusion and Macroeconomic Performance in Nigeria

2018 ◽  
Vol 10 (3(J)) ◽  
pp. 15-22 ◽  
Author(s):  
Lawal N. A. ◽  
Sulaiman L. A. ◽  
Migiro S. O.
Keyword(s):  
Private Sector ◽  
Central Bank ◽  
Money Supply ◽  
Financial Services ◽  
Urban Areas ◽  
Financial Inclusion ◽  
Least Square ◽  
Easy Access ◽  
Macroeconomic Performance ◽  
Bank Branches

The paper examines the relationship between financial inclusion and macroeconomic performance in Nigeria from 1981 to 2014. The data for the study were sourced from Central Bank of Nigeria statistical bulletins. The study employs the Ordinary Least Square and Granger Causality tests as estimation techniques. From the result, using the coefficient, Gross Domestic Product (GDP) is positive at constant of 2573.946. This means that when all variables are held constant, there will be a positive variation up to 2573.946 units in GDP. This implies that there is a significant and positive effect of financial inclusion on macroeconomic performance in Nigeria. It is concluded that Credit to the Private Sector as a ratio of GDP (CPS/GDP), Money Supply as a ratio of GDP (MS/GDP), and Numbers of Bank Branches (NBB) have a unidirectional relationship to GDP – while Currency Out Banks (COB), Interest Rate (INT) and Total Saving (TSA)are independent of GDP. The study therefore recommends that the government and the Central Bank of Nigeria should improve on the facilitation of credit to the private sector, and money supply should be properly managed. The Central Bank of Nigeria should encourage the provisions of more bank branches to rural and urban areas in order to promote easy access to financial services.

scholarly journals FINANCIAL INCLUSION AND PERFORMANCE OF MICRO, SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA

2017 ◽  
Vol 5 (3) ◽  
pp. 104-122
Author(s):  
Bassey Ina Ibor ◽  
Amenawo Ikpa Offiong ◽  
Enyeokpon Samuel Mendie
Keyword(s):  
Rural Areas ◽  
Financial Services ◽  
Small And Medium Enterprises ◽  
Design Method ◽  
Financial Inclusion ◽  
Easy Access ◽  
Chi Square ◽  
Access Points ◽  
Medium Enterprises ◽  
The Impact

Financial inclusion assures easy access to financial services by enabling the disadvantaged and vulnerable sections of the society to actively contribute to development and protect themselves against socio-economic shocks. Nigeria has a sizeable rural poor population with limited access to conventional financial institutions or services. This study investigated the impact of financial inclusion on the micro, small and medium enterprises (MSMEs) performance in Nigeria. The survey research design method was used, involving the use of questionnaires, in collecting data from respondents. Data were analyzed using the Pearson Chi-square technique. The results show that, whereas financial inclusion positively and significantly impacts the operations and growth of MSMEs, distance to financial services access points and infrastructural deficiency challenged fast and effective access to financial services by MSMEs in Nigeria. The study recommends that deliberate efforts should be made to spread access points to more rural areas and improve infrastructure to promote FI. This should include a policy roadmap for expanding financial services access points to unbanked and underserved areas using the financial services geospatial map. Furthermore, the digitizing of payments across the country should be prioritized to include enhanced ICT/E-banking tools and a consumer protection framework.

Mobile Money - A Catalyst for Financial Inclusion in Developing Economies: A Case Study of Zimbabwe using FinScope Survey Data

GIS Business ◽  
2016 ◽  
Vol 12 (4) ◽  
pp. 45-56
Author(s):  
Kingstone Mutsonziwa ◽  
Obert K. Maposa
Keyword(s):  
Rural Communities ◽  
Developing Economies ◽  
Adult Population ◽  
Financial System ◽  
Financial Inclusion ◽  
Viable Option ◽  
Mobile Money ◽  
Bank Branches ◽  
Financial Transactions

Mobile money in Zimbabwe has extensively extended the frontiers of financial inclusion to reach millions who were earlier excluded within a relatively short space of time. The growing use of mobile phones in transferring money and making payments has significantly altered the countrys financial inclusion landscape as millions who had been hitherto excluded can now perform financial transactions in a relatively cheap, reliable and secure way. The FinScope results found out that 45% of the adult population use mobile money services. Of those using mobile money, 65% mentioned that is convenient, while 36% mentioned that it is cheap. Mobile money is accessible. These drivers are in the backdrop of few or no bank branches in rural communities as well as time and cost of accessing the bank branches. In Zimbabwe, mobile money is mostly used as a vehicle for remittances. While some people are enjoying mobile money services, it is important to mention that there are still people who are excluded from the formal financial system. The reasons why people do not use mobile money are mainly related to poverty issues. Mobile money remains a viable option to push the landscape of financial inclusion in Zimbabwe and other emerging markets where the formal financial system might not be strong.

Success of Self Help Group – Bank Linkage Program in India under Financial Inclusion

2016 ◽  
Vol 6 (1) ◽  
Author(s):  
Ritu Singh
Keyword(s):  
Rural Areas ◽  
Commercial Banks ◽  
Financial Inclusion ◽  
Functional Reach ◽  
Self Help ◽  
Geographical Spread ◽  
The Social ◽  
Linkage Program ◽  
Self Help Group

The ‘social banking’ policies being followed by the country resulted in widening the geographical spread and functional reach of commercial banks in rural areas in the period that followed the nationalization of banks. This paper is concluded with a view that SHG – Bank Linkage program is a success in our country India and helping many people to make their life better.

The magic bullet for rural development? Exploring the impacts of community telecenters in Bangladesh

2021 ◽  
pp. 026666692199750
Author(s):  
Noore Alam Siddiquee ◽  
Md Gofran Faroqi
Keyword(s):  
Service Delivery ◽  
Rural Areas ◽  
Early Stage ◽  
Rural Livelihoods ◽  
Value Added ◽  
Magic Bullet ◽  
Government Information ◽  
Individual Interviews ◽  
Stage Of Development ◽  
Marginalized Groups

This paper explores the impacts of Bangladesh’s Union Digital Centers (UDCs) as government information and service delivery hubs in rural areas. Drawing on user-surveys and semi-structured individual interviews it demonstrates that the UDCs have produced generally positive yet modest impacts on governance of service delivery. It shows that the UDCs are at an early stage of development, and that they offer only a limited set of services. While they helped extend ICT-enabled services to sections of population that would otherwise have missed them, the UDCs do not have much to do with rural livelihoods and empowerment of the poor and marginalized groups. These findings point to current inadequacies and pitfalls of the UDC approach to development. We argue that enhanced viability and effectiveness of the UDC experiment would warrant embedding more value-added governmental services and further strengthening of their capacity, mandate, and connectivity with government agencies at various levels, among others.

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 Knowledge and practices about breastfeeding in rural areas of Rajshahi District, Bangladesh: A cross-sectional study

F1000Research ◽  
2019 ◽  
Vol 8 ◽  
pp. 1903
Author(s):  
Ruhani Mat Min ◽  
Md Mosharaf Hossain
Keyword(s):  
Rural Areas ◽  
Family Income ◽  
Service Providers ◽  
Composite Index ◽  
Good Knowledge ◽  
Binary Logistic Regression Model ◽  
Cross Sectional ◽  
Important Indicator ◽  
Knowledge And Practice ◽  
Child Age

Background: Breastfeeding is an important indicator for child health and mortality. The aim of this study was to determine the level of knowledge and practices regarding EBF and its relation to various socio-economic and demographic factors among mothers with at least one child age (6-12 years) in the rural areas of the Rajshahi district in Bangladesh. Methods: A study based at village hospitals was conducted and a semi-structured questionnaire was used. A total of 513 mothers who had at least one child's age (6-12) months from 32 different village hospitals in rural areas of the Rajshahi District, Bangladesh from September to December 2015. The composite index, chi-square test and binary logistic regression model were used in this study. Results: The incidence of EBF good knowledge and practices was 32.0% and 27.9% among mothers with at least one child age (6-12) months. The analysis shows that the age of mothers ≥ 31 years have less knowledge and practice about EBF compared to mothers aged ≤ 30 years. Mothers who are housewives had a higher probability of good knowledge and practice than mothers who were service providers. Nursing mothers at home have less knowledge and practices about EBF than mothers who gave birth in the hospital. Mothers that had a monthly family income of ≤ 6 699 BDT had less knowledge and practices about EBF compared to mothers with a family income of >6 699 BDT. Conclusions: This study showed a huge gap in EBF knowledge and practices among mothers who have at least one child age (6-12) months. This study suggests that EBF education and interventions can play an important role in increasing EBF good knowledge and practices among mothers with at least one-to-one (6-12) months of age children. Malnutrition will be reduced if the EBF is widely established in Bangladesh.

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.

Sign in / Sign up

Export Citation Format

Share Document