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 FINANCIAL INCLUSION AND POVERTY ALLEVIATION AMONG SMALLHOLDER FARMERS IN ZIMBABWE

2020 ◽  
Vol 8 (3) ◽  
pp. 168-182
Author(s):  
David Mhlanga ◽  
◽  
Steven Henry Dunga ◽  
Tankiso Moloi ◽  
◽  
...  
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Poverty Reduction ◽  
Smallholder Farmers ◽  
Financial Education ◽  
Financial Inclusion ◽  
Strong Impact ◽  
Development Goals ◽  
The Government ◽  
The Impact

The study sought to investigate the impact of financial inclusion on poverty reduction in Zimbabwe among the smallholder farmers. It is alleged that financial inclusion can help in achieving seven of the seventeen sustainable development goals (SDGs), which include poverty eradication in all its forms everywhere, ending hunger, achieving food security, ensuring improved nutrition as well as promoting sustainable agriculture and many others. Using the simple regression method, the study discovered that financial inclusion has a strong impact on poverty reduction among smallholder farmers. The study went on to discover that, for the government to tackle poverty especially among the smallholder farmers, it is important to ensure that farmers do participate in the financial sector through saving, borrowing and taking out insurance among other services. So, it is important for the government of Zimbabwe to fully implement policies that encourage financial inclusion such as making sure that farmers find it easy to access financial institutions and encouraging financial institutions to review transaction costs like bank account opening charges periodically, implementing financial education programs among the farmers because these variables are important in influencing farmers to participate or preventing them from using financial services.

Financial Inclusion and Gender Inequality Reduction: Evidence from Sub-Saharan Africa

2019 ◽  
Vol 67 (3-4) ◽  
pp. 367-372
Author(s):  
Sylvester Ohiomu ◽  
Evelyn Nwamaka Ogbeide-Osaretin
Keyword(s):  
Gender Inequality ◽  
Financial Services ◽  
Negative Impact ◽  
Estimation Method ◽  
Financial Inclusion ◽  
Sub Saharan Africa ◽  
Sub Saharan ◽  
The Government ◽  
And Gender ◽  
The Impact

Reduced inequality and gender equality are parts of the sustainable development goals (SDGs) towards global development, but the financial sector appears daunted in respect of financial inclusion for these noble goals. Concerns are more on gender inequality in the area of full utilisation of financial and human resources. Hence, this study investigated the impact of financial inclusion on gender inequality in sub-Saharan Africa. The study employed the generalised method of moments (GMM) estimation method on panel data on some countries in sub-Saharan Africa. The result of the study revealed that financial inclusion substantially reduced gender inequality. Financial inclusion access was found to drive down gender inequality more than usage. Female educational levels were found to have a substantial but negative impact on gender inequality. This study recommends that there is a need for an increase in commercial bank branches to increase accessibility to financial services. The government should increase its expenditure, and this should be channelled towards financial development and higher levels of education for females to improve financial literacy.

scholarly journals A Legal Analysis of the Use of Innovative Technology in the Promotion of Financial Inclusion for Low-Income Earners in South Africa

2021 ◽  
Vol 24 ◽  
pp. 1-27
Author(s):  
Howard Chitimira ◽  
Phemelo Magau
Keyword(s):  
South Africa ◽  
Financial Institutions ◽  
Low Income ◽  
Rural Areas ◽  
Financial Services ◽  
Informal Settlements ◽  
Financial Inclusion ◽  
Innovative Technology ◽  
Financial Exclusion ◽  
The Government

The promotion of financial inclusion is important for the combating of financial exclusion in many countries, including South Africa. Nonetheless, most low-income earners living in rural areas and informal settlements are still struggling to gain access to basic financial products and financial services in South Africa. This status quo has been caused by a number of factors such as the absence of an adequate financial inclusion policy, the geographical remoteness of financial institutions to most low-income earners, rigid identity documentary requirements, a lack of access to reliable and affordable Internet connection by low-income earners living in informal settlements and rural areas, a lack of financial illiteracy, the high costs of financial services, unemployment and poverty, over-indebtedness, and cultural and psychological hindrances to low-income earners in South Africa. Consequently, these factors have somewhat limited the access to financial services offered by financial institutions to low-income earners living in rural areas and informal settlements. In many countries, including South Africa, the financial sector is relying on innovative technology, especially in banking institutions, to aid in the offering of financial services to their customers. It is against this background that this article discusses selected legal and related challenges affecting the regulation and use of innovative technology to promote financial inclusion for low-income earners in South Africa. The article further discusses possible measures that could be adopted by the government, financial institutions and other relevant regulatory bodies to promote the use of innovative technology to combat the financial exclusion of low-income earners in South Africa.

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.

Implementation of Inclusive Finance in Empowering Micro, Small and Medium Enterprises (UMKM) at Micro Waqf Banks

2021 ◽  
Vol 5 (1) ◽  
pp. 82
Author(s):  
Rahma Jaziyatul Chikmiyah
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Qualitative Method ◽  
Small And Medium Enterprises ◽  
Financial Inclusion ◽  
National Strategy ◽  
Classic Problem ◽  
The Government ◽  
Medium Enterprises ◽  
The Impact

<p><em>This study aimed to analyze the impact of the implementation of financial inclusion at Al-Fithrah Micro Waqf Bank regarding the empowerment of Empowering Micro, Small and Medium Enterprises (MSME). Even though MSME sectors have become a central foundation for the economy, the capital limitation is still considered a classic problem. It influences the government to release National Strategy Financial Inclusion to provide financial services that all levels of society can access. The indicators inclusive financial consists of access, usage and quality to realize empowerment through financing and assistance. This research used a descriptive qualitative method, and data were collected through interviews, observations, and documentation. The results showed that the financial inclusion component had been implemented but still has many potentials to be maximized. The components of access and usage have been appropriately implemented in terms of physical aspects and prices that are easily accessible to customers. These two components have an impact on increasing customer Islamic financial literacy. In the quality component, product variations are expected to fulfill the different business needs of customers. Meanwhile, financing has not significantly impacted fulfilling the welfare component’s capital needs  because the nominal value is too small. Furthermore, business assistance has a more significant impact on improving the business and spiritual aspects</em><em> of clients</em><em>.</em></p><p align="left"> </p><p>Penelitian ini bertujuan untuk menganalisis dampak penerapan keuangan inklusif pada Bank Wakaf Mikro Al-Fithrah terhadap pemberdayaan UMKM di sekitarnya. Meskipun sektor UMKM telah menjadi fondasi yang cukup sentral bagi perekonomian, keterbatasan permodalan masih menjadi masalah klasik UMKM. Hal ini mendorong pemerintah untuk mengeluarkan Strategi Nasional Keuangan Inklusif yang bertujuan untuk memberikan layanan keuangan yang dapat diakses seluruh lapisan masyarakat. Indikator keuangan inklusif yang terdiri dari akses, penggunaan dan kualitas diterapkan untuk mewujudkan pemberdayaan UMKM melalui pembiayaan dan pendampingan. Penelitian ini menggunakan metode deskriptif kualitatif melalui pengumpulan data wawancara, observasi, dan dokumentasi. Hasil penelitian menunjukkan bahwa komponen keuangan inklusif telah diimplementasikan namun masih berpotensi untuk dimaksimalkan. Komponen akses dan penggunaan sudah terlaksana dengan baik dilihat dari segi fisik dan harga yang mudah dijangkau nasabah. Kedua komponen tersebut berdampak pada peningkatan literasi keuangan syariah nasabah. Pada komponen kualitas, variasi produk diharapkan dapat memenuhi kebutuhan modal nasabah yang berbeda. Sedangkan untuk komponen kesejahteraan, pembiayaan belum memberikan pengaruh signifikan untuk memenuhi kebutuhan permodalan karena nilai nominal yang terlalu kecil. Selain itu, program pendampingan usaha (HALMI) memiliki dampak yang lebih signifikan terhadap peningkatan usaha dan spiritual pelanggan.</p>

Understanding the link between government cashless policy, digital financial services and socio-demographic characteristics in the MENA countries

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Amari Mouna ◽  
Anis Jarboui
Keyword(s):  
Technology Adoption ◽  
Financial Services ◽  
Demographic Characteristics ◽  
Financial Inclusion ◽  
Mena Region ◽  
Content Type ◽  
Mena Countries ◽  
The Government ◽  
The Impact

PurposeTo help inform the debate over whether socio-demographic characteristics are related to the use of digital technologies, the authors investigated the effects of age, gender, education, income and being in the workforce on changes in using financial digital services using panel data collected in the MENA countries during 2017.Design/methodology/approachThis study aims to identify the impact of government policy on the determinants of financial inclusion and digital payment services in the MENA region. The authors use microdata from the 2017 Global Findex database on MENA countries to perform probit estimations. The paper focuses on the role of technology adoption by government authorities in extending financial inclusion and digital payment around different people.FindingsThe authors find that poorer people (and, by association, less educated people) and the young (but less so the elderly) are disproportionately excluded from the financial system. Results confirm that better collaboration between the government and the financial sector can help to develop digital financial inclusion through the technology adoption channels. The study confirms the significant impact of the government cashless policy in advancing financial inclusion in the MENA countries, with potentially wider applicability to other developed economies.Practical implicationsPolicies to advance mobile money innovations could stimulate financial inclusion by promoting digital transaction services. The role of government authorities is imperative to harness the beneficial and sustainable gains from digitizing remittances and transfers to promote a cashless economy.Originality/valueFinancial inclusion promotes equality through a broadening of the system and government cashless policy can be a major catalyst for greater financial inclusion. It helps in the overall economic development of the underprivileged population and contributes to poverty reduction.

scholarly journals Agricultural Restructure Policy in Vietnam and Practical Application for Sustainable Development in Agriculture

2021 ◽  
Vol 2021 ◽  
pp. 1-13
Author(s):  
Vinh Bao Ngoc ◽  
Nguyen Manh Hung ◽  
Phuong Thu Pham
Keyword(s):  
Rural Areas ◽  
Large Scale ◽  
Agricultural Sector ◽  
Private Investment ◽  
Modern Technology ◽  
Agricultural Workers ◽  
Scale Production ◽  
The Government ◽  
Liberalization Policy ◽  
The Impact

The Vietnam’s agricultural sector had to challenge with its course and learned lessons of further development. Novel policy might be adopted to encourage the private investments and sectors in agriculture. Furthermore, an introduction of new models such as climate-smart or green agriculture and application of modern technology increased productivity at the same time and creating jobs for millions of agricultural workers and reversing the massive rural-urban migration flux. Vietnam’s agricultural sector needs to maintain the reform momentum, particularly liberalization policy, and to boost up agricultural potential. Obstacles such as land limitation policy must be removed to enable large-scale production and encourage private investment in the agricultural sector. To avoid being trapped by its own success, Vietnam is now shifting the old development paradigm that focuses too much on the quantity to the quality of the agricultural production. The government makes major efforts to achieve at the same time agricultural growth, better livelihood of the farmer, and the development of the rural areas. However, Vietnam still needs to prepare a “transition strategy” to overcome the impact of the technological progress on the traditional agricultural workers.

scholarly journals ROLE OF DIGITIZATION IN FINANCIAL INCLUSION OF SELF- HELP GROUPS

2019 ◽  
pp. 43-46
Author(s):  
Puja Rajvanshi ◽  
S. K. Vyas
Keyword(s):  
Rural Areas ◽  
Financial Services ◽  
Financial Inclusion ◽  
Credit System ◽  
Digital Inclusion ◽  
Digital Medium ◽  
Self Help ◽  
The Poor ◽  
Self Help Groups ◽  
The Impact

India has always aimed at inclusive growth. A large part of population still resides in rural areas. Economic development of India is not possible without rural development. Several programs were introduced from time to time with the core objective of easing the accessibility of financial services to the poor but with little success. One of the reasons for rampant underdevelopment of rural India is inaccessibility of funds at the grass root level. As the formal credit institutions were considered incapable of dealing with the financial requirements of the poor, microfinance emerged as an alternate credit system. This has further gained momentum by using technology to provide financial services to the poor. This paper would focus on how digitization has influenced financial inclusion and what are the various challenges that must be tackled to make it more effective. As the focus is on SHG- BLP model, this paper would emphasize how the SHGs can utilize digital medium to reap more benefits out of this microfinance model. The paper would give insight into how the impact of microfinance can be enhanced using technology. KEY WORDS: Microfinance, Self Help Groups, NABARD, Digital Inclusion, Digitization etc.

Financial Inclusion in India-A Review

2020 ◽  
pp. 278-284
Keyword(s):  
Rural Areas ◽  
Financial Literacy ◽  
Financial Services ◽  
Poverty Reduction ◽  
Financial Inclusion ◽  
World Bank Group ◽  
Critical Issues ◽  
The Status ◽  
The Government ◽  
Bank Group

Financial inclusion has been widely recognized as an engine of economic and social development. World Bank group laid stress on the role of financial inclusion in poverty reduction and boosting shared prosperity. Increasing the importance of financial inclusion for inclusive growth has gained the attention of researchers and academicians across the world. This review deals with the findings of research studies conducted on the extent and status of financial inclusion in India. A review of empirical findings revealed that despite many initiatives taken jointly by the Government and Reserve Bank of India, financial services outreach was not been very satisfactory. People particularly in rural areas, still did not have access to banking services. Evidence of gaps in financial inclusiveness in the country could also be perceived from the review. Lack of awareness and financial literacy, high cost of financial services, continued dependence of rural people on moneylenders, regional disparities in terms of outreach, etc. emerged as some of the critical issues. Hence, the study suggested that some concrete steps need to be taken by the government to improve the status of financial inclusion

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.

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