A Study on Understanding the Financial Ecosystem in Malkangiri District of Odessa: Status, Constraints and Way forward
Journal Title: IOSR Journal of Humanities and Social Science - Year 2018, Vol 23, Issue 8
Abstract
Financial Inclusion and its services are considered very relevant to the state like Odisha which has got vast majority of poor including SC & ST population who mostly depend on casual labour and informal sector employment for their livelihoods. With a view to bring large number of poor households into the fold of financial inclusion, Reserve Bank of India (RBI), State and Central government have taken several initiatives. In spite of the best efforts, there are a few districts like Malkangiri district in Odisha still remaining as an underserved area in terms of financial inclusion parameters. With this backdrop, a study was carried out in Malkangiri district of Odisha, to ascertain the current financial inclusion status and to identify the constraints, issues and key challenges in the district. Both qualitative and quantitative data were collected from the field. A total of 103 villages and 200 SHGs were visited and 400 respondents were interviewed. A random sampling method was used to finalize the number and names of the GPs/Villages/SHGs etc. in consultation with various stakeholders. The study found that around 89% of the sample having a bank accounts, the pattern of its distribution and usage is concerning. 15% of the samples were having a RuPay card and enrolled under the social security schemes ranged from 9-10% across the 7 blocks. Around 34% of the sample had availed a loan of which around 27% had got a loan through their SHGs and not through their individual accounts. The study also finds that effort should be made by the state government to open more bank branches through PSU & private banks in this district. The government may take up the actions in designing, delivering and expanding appropriate financial services including micro insurance, pension for the poor exclusively in the hilly and tribal areas. The study recommends that efforts on client education and financial literacy need to be expanded further in order to sensitize members on the evils of various chit funds and their schemes and help them making household financial planning.
Authors and Affiliations
Jeeban Jyoti Mohanty, Ankita Mohanty
Keywords
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- EP ID EP419671
- DOI 10.9790/0837-2308046576.
- Views 96
- Downloads 0
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