A Study on Extent of Problems and Hurdles in Financial InclusionPractices amongRural Households in Varanasi District
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 5
Abstract
Sustainable Growth requires participation of all segments of society. Financial Inclusion is a drive towardsattaining inclusive growth and sustainable development and plays a major role in driving away the povertyfrom the country. The primary purpose of financial Inclusion is to deliver and spread awareness regardingbanking and financial services at affordable costs to the unbanked sections of disadvantage and low incomesections of society so as to unlock their savings and investment potential. The objective of the study is toexamine the major problems and hurdles in accessing financial product and services of the study area and to justify the role of government for opening bank account, accessing loan facility, and services offered by bank. The study was conducted through collection of primary data from 400respondents in rural household in the in their respective blocks in the Varanasi district. By analyzing the data it was identified that the rural people are unaware about the financialinstruments and hurdles in accessing the banking services.The calculated value of Chi-square test and p-value for the economic indicators were significant. The data analysis reveals hurdles in accessing the financial services, the importance of financial inclusion and it gives us an insight to strengthen the functioning of financial inclusion in Varanasi district. Inclusive financial system helps the deprived section of people to getaccess to formal credit, saving products and other services which help them to overcome poverty and toreduce income inequality existing in the Indian economy. Government of India and Reserve Bank of Indiashould make efforts to reach the rural population through the expansion of banking services.
Authors and Affiliations
Shalini Singh, Dr. V. Shunmugasundaram
Keywords
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- EP ID EP411123
- DOI 10.9790/487X-2005017081.
- Views 42
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