Bank Linkage Programme and Financial Inclusion – A Case Study of Mysore District
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 4
Abstract
The main problem faced by the lower income group people is the non accessibility of banking and other financial services, which causes hindrance in their social and economic development. These financial products include insurance, credit etc. The great tragedy lies in the fact that sometimes even though there are certain financial services which are specially designed to meet the needs of these low income group people, these people are not aware of it due to illiteracy or any other reason. Thus lack of awareness also leads to the financial exclusion of these people. For the achievement of financial inclusion, the most important goal is to make the banking facilities available to all the unbanked areas and to each and every household. Hardly onefourth of the rural households are assisted by banks. Hence the major task before banks is to bring most of those excluded, i.e. 75% of the rural households, under banking fold. But the task is not so easy since they are illiterate, poor and unorganized. This paper examines the bank linkage and the measures taken by the banks and problem involved in financial inclusion. The sample has been collected from the 50 respondents in Mysore District. What is needed is to improve their living standards by initiating new/increased economic activities with the help of banks, NGO‟s, microfinance, mobile banking, no frill accounts, and local developmental agencies. To start with, it is necessary to develop a fair understanding of their profile. In addition, their perception about the bank and its services needs to be understood. So there is a need for the formal financial system to look at increasing financial literacy, financial counseling and Business correspondent to focus on financial inclusion and distress amongst farmers.
Authors and Affiliations
Dr. R. Thimmarayappa, D. P. Umesh
Keywords
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- EP ID EP410191
- DOI 10.9790/487X-2004024851.
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