Financial Inclusion in India Essay - 623 Words

Financial Inclusion in Karnataka Karnataka is the India’s eighth largest State in terms of geographical size accounting for 6.3% of the geographical area (1, 91,791 square km), 5.05% of the total population (6.11 crore) and approximately 5.5% of the GDP of the country. The State has 30 districts and 176 taluks. The literacy rate in the State is 75.6% (male-82.85% and female-68.13%)(Census, 2011). The State ranks seventh in human development index (HDR 2005). The infrastructure development index of the State was 106.12 as against 100 at all India level, as per estimates of CMIE, 2000. There are 41 Commercial Banks with branch network of 5122, KSCAB with 31 branches, 21 DCCBs with 615 branches and affiliated 4613 PACS, 6 Grameen Banks with†¦show more content†¦It is an unbanked village and people need to travel more than 20 kilometers to access banking services. This village is located in remote area with no basic infrastructures. Researcher visited all households in select cluster and observed that more than 80 per cent of households have the membership in SHGs. More than 20 SHGs exist in this village. Total 726 households are there, among 315 APL family and 318 BPL families and 93 are poorest poor family called Antyodaya families. Researcher selected 146 households for study purpose cluster sampling method was employed to select the households. Total 6 clusters were made by considering special character like caste (SC, ST, OBC and GM), occupation (Agriculture, wage labor). Extent of Financial Inclusion and Exclusion At the beginning, it is need to know the extent of financial inclusion in select village in the sample households. Table 3 shows the extent of financial exclusion in this village. It is evident from the data in the table that 73.29 per cent of households are included in financial inclusion and 26.71 per cent of households are financial excluded. Having bank account is not a financial inclusion. It is also important to know percentage of awareness of financial products and services. The process ofShow MoreRelatedInitiatives For Financial Inclusion Of India2000 Words   |  8 PagesINITIATIVES FOR FINANCIAL INCLUSION IN INDIA Dr. DilipChellani and Dr. Ramamurthy N Introduction: For the first time, the Eleventh Five Year Plan (2007-12) envisaged inclusive growth as a key objective as well as a strategy for economic development. Financial inclusion (FI) can therefore be very well called as 21st century banking. Its main aim is to extend the banking and financial services to every persons (or class of people), Projects (activities in various sectors) and places/parts (rural/semiRead MoreFinancial Inclusion Through India Post1215 Words   |  5 PagesFINANCIAL INCLUSION THROUGH INDIA POST Dr. Joji Chandran PhD ABSTRACT India is having the most widely distributed post office system in the world. 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