1

Financial
Inclusion
And
Awareness
 2

CERTIFICATE

This is to certify that the Project work entitled “FINANCIAL INCLUSION AND
AWARENESS” submitted in partial fulfilment of the requirement for the award of degree of
Master of Business Administration to Shoolini University of Biotechnology and Management
Sciences, Bajhol, Solan (H.P.) is a bonafide Project work carried out by SHIVANGI RANA
(1871401113). No part of this work has been submitted for any other degree or diploma.

Student Name: Ms. Shivangi Rana Guide’s Name: Dr. Pooja Verma

Signature: Signature:

Place: Solan

Date: ………………………..
 3

Table of Contents
LIST OF FIGURES ...................................................................................................................................... 4
LIST OF TABLE .......................................................................................................................................... 5
EXECUTIVE SUMMARY .......................................................................................................................... 6
CHAPTER I ....................................................................................................................................................
INTRODUCTION ......................................................................................................... 7
CHAPTER II ................................................................................................................................................................
ABOUT MY PROJECT TITLE............................................................................................9
3.1. FINANCIAL INCUSION .............................................................................................................................. 9
3.2. STATEMENT OF THE PROBLEM………………………………………………………………………11
3.3. SIGNIFICANE OF THE PROBLEM…………………………………………………………………… 11
3.4. PURPOSE OF STUDY ............................................................................................................................... 11
3.5. OBJECTIVES OF THE STUDY ................................................................................................................ 11
3.6. SCOPE OF THE STUDY .......................................................................................................................... 12
CHAPTER III ................................................................................................................................................................

LITERATURE REVIEW………………………………………………………………………… ……………………….13

CHAPTER VI ...............................................................................................................................................................

RESEARCH MEATHODOLOGY .......................................................................... 15

5.1. WHAT IS A RESEARCH? ......................................................................................................................... 15
5.2. RESEARCH DESIGN ................................................................................................................................. 15
5.3. DATA COLLECTION METHODS ........................................................................................................... 16
5.4. METHODOLOGY……………………………………………………………………………………….16

CHAPTER V .................................................................................................................................................................
DATA ANALYSIS ........................................................................................................ 17
CHAPTER VI ...............................................................................................................................................................
FINDINGS ................................................................................................................... 28
CHAPTER VII ..............................................................................................................................................................
CONCLUSION ............................................................................................................. 29
CHAPTER VIII ............................................................................................................................................................
BIBLIOGRAPHY AND REFERENCES ................................................................... 30
CHAPTER IX…………………………………………………………………………………………….

APPENDICES……………………………………………………………………………………… 31
 4

LIST OF FIGURES

S. NO. TITLE PAGE

NO.
1 State wise Index of Financial inclusion 8

2 Pictorial Representations of Financial Inclusion 9

3 Financial Inclusion In the Sustainable 10

Development Growth
4 Percentage of Working /Non-Working Women 17
5 Types of Bank Accounts of Working Women 18
6 Reason Of Investing In banks Of Working Women 19
7 Avenues of Saving Other than the Banks of the Working 20
respondents
8 Awareness of Financial Product and Services Of working 21
Women
9 Source of information About the Financial Product and 22
Services Of working women
10 Types of Bank Accounts of Non-Working Women 23
11 Reason Of Investing In banks Of Non-Working Women 24
12 Avenues of Saving Other than the Banks of the non- 25
working respondents
13 Awareness of Financial Product and Services Of Non- 26
working women
14 Source of information About the Financial Product and 27
Services Of non-working Women
 5

LIST OF TABLES

S.NO TITLE PAGE

NO.
1 Percentage of Working /Non-Working 17
Women
2 Types of Bank Accounts of Working 18
Women
3 Reason Of Investing In banks Of 19
Working Women
4 Avenues of Saving Other than the 20
Banks of the Working respondents
5 Awareness of Financial Product and Services 21
Of working Women
6 Source of information About the Financial 22
Product and Services Of working women
7 Types of Bank Accounts of Non-Working 23
Women
8 Reason Of Investing In banks Of Non- 24
Working Women
9 Avenues of Saving Other than the Banks of the 25
non-working respondents
10 Awareness of Financial Product and 26
ServicesOf Non-workmg women
11 Source of information About the Financial 27
Product and Services Of non-working Women
 6

EXECUTIVE SUMMARY

India is one of the largest and fastest growing economies of the world, but what has been the
most disturbing fact about its growth is that its growth has not only been uneven but also
discrete. It has been uneven in the sense that there has been no uniformity in its growth
performance and it has been discrete and disconnected with regard to growth and distribution of
growth benefits to certain sectors of economy. And thus the need for inclusive growth comes in
the picture of Indian economic development. However for attaining the objectives of inclusive
growth there is a need for resources, and for resource generation and mobilization financial
inclusion is required. It plays a very crucial role in the process of economic growth.
As the majority of the rural population is nevertheless no longer protected in the inclusive
growth, the thinking of Financial inclusion will become a challenge for the Indian economy.
Since 2005, many concerted measures are initiated with the aid of the Reserve Bank of India and
Government of India in choose of economic inclusion however the affect of these did now
not yield exceptional results. The paper aims to focal point on making use
of the existing resources such as Mobile phones, Banking Technologies, India Post Office, Fair
Price Shops and Business Correspondents (BCs) thereby making
it more efficient and consumer pleasant for the pastime of the rural population as nicely as the
formal sector.
My project is based on the “Financial Inclusion and Awareness among Women” which examine
the awareness of the financial product and services among the women in rural and urban areas
and basically financial inclusion means that individual and business have access to useful and
affordable financial product and services that meet their transaction needs- Transaction,
payments, savings, credit and insurance- Deliver in a responsible and sustainable way.
Despite of this, I have conducted a survey of women on the basis of the awareness of the
financial products and services. The survey consist of 100 respondent in which half of the
respondent are working and half of the respondent are non-working. This will help to know
about how much households are actually knows about the financial inclusion appropriately.

Keywords: Financial inclusion, Business correspondents, Indian economy.

 7

CHAPTER : I
INTRODUCTION

With the development of the Indian economy, particularly when the focal point is on
the achievement of sustainable development, there must be try to include maximum wide
variety of participation from all the sections of the society. But the lack
of recognition and financial literacy amongst the rural populace is hindering the increase of
the economic system as majority of the population does no longer have access to formal credit.
This is a serious problem for the financial growth of the country. In order to overcome such
barriers, the banking quarter emerged with some technological innovations such
as automatic teller machines (ATM), deposit and debit cards, net banking, etc. Though
introduction of such banking applied sciences introduced a change in the city society, a majority
of the rural population is nevertheless unaware of these changes and is excluded from formal
banking.
Financial inclusion enables elevated and better sustainable financial and social improvement of
the country. It helps in the empowerment of the underprivileged, poor and girls of the society
with the mission of making them self-sufficient and well informed to
take better economic decisions. Financial inclusion takes into account the participation
of susceptible groups such as weaker sections of the society and low income groups, primarily
based on the extent of their access to economic offerings such
as savings and charge account, savings insurance, pensions etc. Also
the goal of economic inclusion workout is easy availabilityof financial services which permits m
aximum funding in business opportunities, education, retailer for retirement, insurance
plan towards risks, etc. by means of the rural people and firms.
The penetration of financial services in the rural areas of India is nonetheless very low.
The elements responsible for this condition can be looked at from both furnish aspect and
demand aspect and the important purpose for low penetration of financial offerings is, probably,
lack of supply. The reasons for low demand for financial services should be low earnings level,
lack of financial literacy, different bank accounts in the family, etc. On the other hand,
the provide aspect elements encompass no financial institution branch in the vicinity, lack
of suitable merchandise meeting the needs of the poor people, complex techniques and language
barriers.
Since 2005, the Reserve Bank of India (RBI) and the Government of India (GOI) have been
making efforts to amplify economic inclusion. Measures such as SHG-bank linkage program, use
of commercial enterprise facilitators and correspondents, easing of Know Your Customer (KYC)
norms, electronic benefit transfer, separate format for city economic inclusion, use
of mobile technology, financial institution branches and ATMs, opening and encouraging ‘no-
frill-accounts’ and emphasis on financial literacy have performed a vast role for increasing the
use of formal sources for availing loan/ credit. Measures initiated with the aid
 8

of the government include, opening patron service centers, credit score counselling centers,
Kisan Credit Card, Mahatma Gandhi National Rural Employment Guarantee Scheme and Aadhar
Scheme. These renewed efforts are extra focused than the earlier measures which had
been more common in nature having a much wider scope. Though the measures were initiated
earlier, their affect on the rural populace wishes to be analysed and reframed in order
to recognize the existing state of affairs in the rural areas.
This paper is organized in six sections. The definition of financial inclusion is presented in
Section II. A particular analysis of the dimensions of financial inclusion is mentioned in Section
III. Section IV affords a quick review of literature. An analysis of the overall performance of
Banking correspondents and function of India Post Office, Fair Price Shops, Banking
Technology and Mobile Banking in financial inclusion are discussed in Section V. Section
VI affords conclusions and recommendations.
 9

CHAPTER : II
ABOUT MY PROJECT TITLE

2.1. Financial Inclusion and Awareness : Financial inclusion is the delivery of financial
services at affordable costs to vast sections of disadvantaged and low income groups. Or we can
say that financial inclusion is where individuals and businesses have access to useful and
affordable financial products and services that meet their needs that are delivered in a responsible
and sustainable way. Financial inclusion is defined as the availability and equality of
opportunities to access financial services. Also people should aware about the financial product
and services. By financial inclusion, we mean the delivery of financial services, including
banking services and credit, at an affordable cost to the vast sections of disadvantaged and low-
income groups who tend to be excluded. The various financial services include access to savings,
loans, insurance, payments and remittance facilities offered by the formal financial system.
Rangarajan Committee (2008) viewed financial inclusion as “The process of ensuring access to
financial services and timely and adequate credit where needed by vulnerable groups such as
weaker sections and low income groups at an affordable cost” In simpler terms financial
inclusion is about including the excluded in the financial system of the country, and to ensure
that their financial & social security needs are taken care of through appropriate financial service
providers.
 10

ROLE OF FINANCIAL INCLUSION

Financial Inclusion is imperative for inclusive growth of India, with more than 25 % of its
population living in abject poverty government’s onus towards their growth and development is
huge, and inclusive finance is one such measure which if targeted and attained in right manner
will provide an apt solution to the severe problems of poverty and unemployment.
Providing access to financial services has significant potential to help lift the poor out of the
cycle of poverty. Financial inclusion promotes thrift and develops culture of saving and also
enables efficient payment mechanism strengthening the resource base of the financial institution
which benefits the economy as resources become available for efficient payment mechanism and
allocation.
Poors are typically more vulnerable to financial exclusion this is simply because their major
problems arise from the need for finances. The formal banking services, by exploiting economies
of scale and making judicious use of targeted subsidies may reduce or remove market
imperfections and facilitate financial inclusion of the poor, ultimately leading to higher incomes.
The access to financial services by poors would lead to their consumption smoothing and
investments in health, education and income generating activities, thus expanding growth
opportunities for them.
Inclusive growth if targeted systematically may lead to financial stability, asset building and
economic mobility and empowerment of the low income group people.
 11

5 A’s OF FINANCIAL INCLUSION:

- Adequacy of Financial services : Point of presence and choice of products.
- Availability of Financial services : Information, Education and Communication.
- Awareness of Financial services : Value desired by customer.
- Affordability of financial services : Value for money
- Accessibility of Financial services : Convenience, low energy threshold
2.2. STATEMENT OF THE PROBLEM: Financial inclusion is the biggest problem in
front of the financial system today in rural India and infrastructural bottlenecks are worsening it
even further with each passing day. Hence the researcher intents to conduct a study of the extent
to which the people having different demographic profile residing in a rural area are conversant
with banking habits and the study is titled as “A STUDY ON FINANCIAL INCLUSION”.

2.3.SIGNIFICANCE OF THE STUDY : The study on financial inclusion among

people is a great importance in the present day situations. Active participation of each and
everyone in the financial system of the country is prerequisite for the effective functioning of
financial system. Financial system facilitates the needs of those who need money and those who
have surplus money. Banking habit is the simplest way to enter into the financial system. Now
also there are more than 30% of the Indian populations are unbanked. Therefore the study
proposes to analyse the intensity of financial inclusion among the people.

2.4. PURPOSE OF THE STUDY:

Financial inclusion enhances the financial system of the country comprehensively. It strengthens
the availability of economic resources. Most importantly, it toughens the concept of savings
among poor people living in both urban and rural areas. This way, it contributes towards the
progress of the economy in a consistent manner.
Many poor people tend to get cheated and sometimes even exploited by rich landlords as well as
unlicensed moneylenders due to the vulnerable condition of the poor people. With the help of
financial inclusion, this serious and hazardous situation can be changed.
Financial inclusion engages in including poor people in the formal banking industry with the
intention of securing their minimal finances for future purposes. There are many households with
people who are farmers or artisans who do not have proper facilities to save the money that they
earn after putting in so much effort.

2.5.OBJECTIVES OF THE STUDY:

1) To examine the awareness level of people about financial products and services.
2) To identify the major sources of information about financial products and services.
3) To identify the reason for opting Public sector or Private sector banking.
 12

4) To know the opinion about financial products with reference to several aspects.
5) To study the Banking habit among the people.
6) To study the impact of financial inclusion indicators on growth of Indian economy.

2.6. SCOPE OF THE STUDY:

The study explores to the intensity of financial inclusion among people. The target group include
working women/ Government employees, Non -Government employees and people engaged in
business as well as non-working women/house wife. Banking habits and awareness about
financial products and services come within the purview of the study.
 13

CHAPTER : III
LITERATURE REVIEW

According to the Planning Commission (2009)1, Financial inclusion refers to universal access to
a wide range of financial services at a reasonable cost. These include not only banking products
but also other financial services such as insurance and equity products. The household access to
financial services includes access to contingency planning, credit and wealth creation. Access to
contingency planning would help for future savings such as retirement savings, buffer savings
and insurable contingencies and access to credit includes emergency loans, housing loans and
consumption loans. On the other hand, access to wealth creation includes savings and investment
based on household’s level of financial literacy and risk perception.

GOI (2008)2 defines Financial inclusion as the process of ensuring access to financial services
and timely and adequate credit where needed by vulnerable groups such as weaker sections and
low income groups at an affordable cost. The meaning of financial inclusion is delivery of
financial services to the low income groups especially the excluded sections of the population
with the provision of equal opportunities. The main target is the access of financial services for
better standard of living and income.
According to Chakraborty (2011)3, Financial inclusion is the process of ensuring access to
appropriate financial products and services needed by all sections of society including vulnerable
groups such as weaker sections and low income groups at an affordable cost in a fair and
transparent manner by mainstream institutional players. This issue started gaining importance
recently in the news media.

Sadhan Kumar Chattopadhyay in a working paper for RBI on Financial Inclusion in India: A
case-study of West Bengal (2011)4, has examined the extent of financial inclusion in West
Bengal. According to the study there has been an improvement in outreach activity in the
banking sector, but the achievement is not significant. An index of financial inclusion (IFI) has
been developed in the study using data on three dimensions of financial inclusion viz- banking
penetration (BP), availability of the banking services (BS) and usage of the banking system
(BU). The paper provides a comparable picture between different states on the basis of IFI
rankings.
RBI (2014)5 focused on the provision of financial Services to the small businesses and low
income households. Among the main motives of the committee included designing principles
for maximum financial inclusion and financial deepening and also framing policies for
monitoring the progress in the development of financial inclusion in India. Thus, in order to
achieve the goal of maximum financial inclusion and increased access to financial inclusion the
committee proposed the following measures: provision of full-service electronic bank account;
distribution of Electronic Payment Access Points for easy deposit and withdrawal facilities;
provision of credit products, investment and deposit products, insurance and risk management
products by formal institutions. The main findings of the report highlighted the following key
issues. First, the majority of the small businesses were operating without the help of formal
 14

financial institutions. Second, more than half of the rural and urban population did not have
access to bank account. Third, savings in terms of GDP have declined in 2011-12. To address
these issues, the Committee recommended that each individual should have Universal Electronic
Bank Account while registering for an Aadhar card. The committee also proposed for setting up
of payments banks with the purpose of providing payments services and deposit products to
small businesses and low income households. Also banks should purchase portfolio insurance
which will help in managing their credit exposures. Further, the Committee recommended for
setting up of a State Finance Regulatory Commission where all the state level financial
regulators will work together. For the interest of the bank account holders, the committee
recommended for the creation of Financial Redress Agency (FRA) for customer grievance
redress across all financial products and services which would coordinate with the respective
regulator.
 15

CHAPTER : IV
RESEARCH METHODOLOGY

INTRODUCTION :

Research methodologies are specific procedures or techniques used to identify, select, process,
and analyze information about a topic. In the research papers, the methodology section allows
the reader to critically evaluate the overall validity and reliability of the study. The purpose of
the study is to find answers to questions through the application of scientific procedures. The
main goal of the study is to find hidden truths and truths that have not yet been discovered

RESEARCH DESIGN :
Research design is an array of conditions for data collection and analysis in a way that aims to
procedurally combine the research objectives and economics. The study design is a conceptual
structure in which the research is carried out, which constitutes a blueprint for data collection,
measurement and analysis, which includes an overview of the researcher's hypothesis and its
implications. The basis of research for this project was the Qualitative type of research wherein,
collection, analysis and interpretation of the data was done by observing the responses of people
and analyzing the majority of answers and the reasons behind it. It can be divided into three
parts: .
 Exploratory Research
 Descriptive Research
 Causal Research

DATA COLLECTION METHOD :

Data collection is a process of collecting information from all the relevant sources to find
answers to the research problem, test the hypothesis and evaluate the outcomes. Data collection
methods can be divided into two categories:
 Primary methods of data collection.
 Secondary methods of data collection
But I choose Primary data collection method. We have given state Una (Himachal Pradesh) to
collect and analyse the data.
 16

PROCEDURE AND METHODOLOGY :

TYPE OF QUESTIONS: The type of question are self made or wean say the research taken as
a primary research.
Universe of study : Financial awareness
Period of study : 1 Qaudmester
Type of research : Descriptive Research
Type of Data collection : Primary Data
Methods of Data collection : Survey/Questionnaire
Sample size : 1% of Each State of Himachal Pradesh (100 Respondant)
Sampling technique : Simple Random Sampling
Data collection tool : Bar Graph and Pie Chart
 17

CHAPTER : V
DATA ANALYSIS
I. Data Analysis of Working women:

a. Percentage of Working women

Count of Working/non Count of

Row Labels Working Occupation/Profession
Non Working 50 50
Housewife 50 50
Working 50 50
Govt. Job 22 22
Private Job 28 28
Grand Total 100 100

% OF THE WORKING AND NOT WORKING

WOMEN
Working
Private Job
28%

Non Working
Housewife
50%

Working Govt.
Job
22%

Interpretation: From the above graph and Table Out of 100 respondent, it clearly resemble that
28% of women are in private sector and 22% of women are in govt sector out of 50% and rest
50% of non working women are house wives.
 18

b. Types of bank accounts of Working women:

Row Labels Count of Type of bank Account

Recurring deposit 4
Savings Account 36
Time Deposit 10
Grand Total 50

TYPES OF BANK ACCOUNTS

Recurring
deposit
Time Deposit 8%
20%

Savings
Account
72%

Interpretation: From the above graph and table, it clearly resembles that there are 72% of
working womens have only savings accounts and 20% of womens have time deposit as well as
savings account and another 8% of respondant having recurring account and savings account too.
 19

c. Reason of investing in banks:

Count of Reason of investing in

Row Labels banks
ATM facility 14
Credit
Facility 5
Interest
Rate 9
Security 22
Grand Total 50

REASONS OF INVESTING IN BANKS

ATM facility
28%
Security
44%

Credit Facility
10%

Interest Rate
18%

Interpretation: From the Above Graph and Table, it is clearly resembles that only 28% of
respondents are investing in bank for the ATM Facility and 10% of respondents for Credit or
loan facility , 18% of respondents are investing for getting good interest rates and 44% of
respondents are investing in banks for the security of their money.
 20

d. Avenues of Savings other than the bank of the Respondents:

Row Labels Count of Avenues of Saving Other Than Bank of theRespondant

Chit Funds 5
Life Insurance 17
Mutual Funds 11
Post office
savings 17
Grand Total 50

AVENUES OF SAVINGS OTHER THAN THE

BANK OF THR RESPONDENT
Chit Funds
10%
Post office
savings
34%

Life Insurance
34%

Mutual Funds
22%

Interpretations : In the above graph and table, it is clearly resembles that respondent prefer
34% of both life insurance and Post office saving as avenues of savings other than the bank of
the respondents and 27% of respondents prefer mutual Funds and 10% of respondents prefers
Chit fund as the avenues of saving other than the bank of the respondents.
 21

e. Awareness of Financial product and services among respondents:

Count of Financial product and sevices awareness among

Row Labels respondant
Average 30
High 15
very high 5
Grand Total 50

Awareness of Financial Products and

Services
35
Average, 30
30

25

20
High, 15
15 Total

10
very high, 5
5

0
Average High very high

Interpretations : In the above graph and table, it is clearly resembles that 15% of the
respondents from the whole survey have very high awareness about the financial product and
services and 5% of respondents have very low awareness about the financial product and
services whereas 30% of the respondent have an average awareness about the financial
product and services.
 22

f. Source of information about product and services:

Count of Source of information about product and

Row Labels services
Family and
Friends 7
Journals 5
Newspaper 23
Television 15
Grand Total 50

SOURCES OF INFORMATION ABOUT P&S

Family and
Friends
14%
Television
30% Journals
10%

Newspaper
46%

Interpretation: From the above graph and table , it is clearly resembles that 46% of the
respondents are aware to financial product and services from the newspaper and 14% of
respondents are aware of financial product and services from family and friends, 10% are
aware from Journals and magazines whereas 30% of the respondents are aware of financial
product and services from the televisions and advertisement.
 23

II. Data Analysis of non-Working Women:

a. Types of bank accounts of non-working women:

Row Labels Count of Type of bank Account

N/A 8
Recurring Deposit 3
Savings Account 35
Time deposit 4
Grand Total 50

TYPES OF BANK ACCOUNT OF NON

WORKING WOMEN
Time deposit
N/A
8%
16%
Recurring
Deposit
6%

Savings
Account
70%

Interpretations : From the above graph and table, it clearly resembles that there are 70% of
working women have only savings accounts and 8% of women have time deposit as well as
savings account and another 6% of respondents having recurring account and savings account
too and 16% of the respondents who have no accounts in the banks.
 24

b. Reason of investing in banks:

Row Labels Count of Reason of investing in banks

ATM facility 13
Credit Facility 4
Interest Rate 1
Security 32
Grand Total 50

REASON OF INVESTING IN BANKS

ATM facility
26%

Credit Facility
8%
Security
64% Interest Rate
2%

Interpretation: From the Above Graph and Table, it is clearly resembles that only 26% of
respondents are investing in bank for the ATM Facility and 8% of respondents for Credit or loan
facility , 2% of respondents are investing for getting good interest rates and 64% of respondents
are investing in banks for the security of their money.
 25

c. Avenues of Saving other than the other bank of the respondent:

Row Labels Count of Avenues of Saving Other Than Bank of theRespondant

Life Insurance 3
Other 20
Post office
savings 27
Grand Total 50

AVENUES OF SAVING OTHER THAN BANK

OF THE RESPONDANT
Life Insurance
6%

Post office Other

savings 40%
54%

Interpretations : In the above graph and table, it is clearly resembles that respondent prefer
54% of Post office saving as avenues of savings other than the bank of the respondents and 6%
of respondents prefer mutual Funds and 40% of respondents have no avenues of saving other
than the bank of the respondents.
 26

d. Awareness of financial product and services:

Count of Financial product and sevices awareness among

Row Labels respondant
Average 26
High 3
low 21
Grand Total 50

AWARENESS OF FINANCIAL P&S (NON

WORKING WOMEN)

low
42%

Average
52%

High
6%

Interpretations : In the above graph and table, it is clearly resembles that 6% of the
respondents from the whole survey have very high awareness about the financial product and
services and 42% of respondents have very low awareness about the financial product and
services whereas 52% of the respondent have an average awareness about the financial
product and services.
 27

e. From which Source of information they get to know about Financial

product and services:

Count of Source of information about product and

Row Labels services
Family and
Friends 17
Newspaper 19
Television 14
Grand Total 50

SOURCE OF INFORMATION ABOUT

P&S(NON WORKING WOMEN)

Television Family and

28% Friends
34%

Newspaper
38%

Interpretation: From the above graph and table , it is clearly resembles that 38% of the
respondents are aware to financial product and services from the newspaper and 34% of
respondents are aware of financial product and services from family and friends whereas
28% of the respondents are aware of financial product and services from the televisions and
advertisement
 28

CHAPTER : VI
FINDINGS

- There are few people who does not have any bank account.
- Non- working respondents more focused on post office savings rather than mutual funds
and chit funds
- Respondents both working and non-working prefer banks for security rather than any
investment.
- There are few respondents which have not any awareness about financial product and
services.
- Many of non- working respondents have no avenues of saving other than bank of the
respondents.
- Very Less respondents prefer Journals or magazines overs newspaper, television and
advertisement, family and friends as the sources of information about financial product
and services.
- Many of the respondents using their account of banks or banks facility is only for
pensions and salary deposit/withdrawal.
 29

CHAPTER : VII
CONCLUSION

At last, we conclude the whole report that Inclusive growth attainment depends a great deal on
equitable distribution of growth opportunities and benefits. And financial inclusion is one of the
most crucial opportunities which need to be equitably distributed in the country in order to attain
comprehensive growth. It needs to be understood by the state that in order to bring orderly
growth, order needs to be developed with regard to inclusive finance. The percentage of financial
inclusion in the different states of the country varies differently.
Undoubtedly the issue of expanding the geographical and demographic reach poses challenges
from the viability/sustainability perspectives and appropriate business models are still evolving
and various delivery mechanisms are being experimented with by the various government
agencies at the central and state level. But somewhere the efforts taken are not good enough to
encounter this staggering issue of financial exclusion. Financial literacy and level of awareness
continue to remain an issue with regard to usage of financial services/products. It calls for
coordination of all the stakeholders like sectoral regulators, banks, governments, civil societies,
NGOs, etc. to achieve the objective of financial inclusion. Challenges of financial exclusion are
faced by most of the states of the country and in order to solve it states have to develop its own
customized solutions drawing upon its own experiences and features and those of its peers across
the country.
 30

CHAPTER: VIII
BIBLIOGRAPHY & REFERENCES:

1. Planning Commission (2009), “Report on Financial Sector Reforms” (Chairman: Dr.

Raghuram G. Rajan).
2. Government of India (2008), “Committee on Financial Inclusion” (Chairman: Dr. C.
Rangarajan).
3. Chakrabarty K.C. (2011), Keynote address on Financial Inclusion, Mumbai, September.
4. Chattopadhyay, S. (2011) Financial Inclusion in India: A case-study of West Bengal.
5. RBI (2014), “Report on comprehensive financial services for small businesses and low
Income households” (Chairman: Dr. N. Mor).

Books:
1. Towards Financial Inclusion in India - K G Karmakar, G D Banerjee, N P Mohapatra.
2. Financial Inclusion, Inclusive Growth and the Poor –PADMAJA MISHRA

Websites :
1. https://www.worldbank.org/en/topic/financialinclusion
2. https://financialservices.gov.in/financial-inclusion
3. https://en.wikipedia.org/wiki/Financial_inclusion
4. https://www.toppr.com/guides/general-awareness/financial-banking-institutions-in-india/financial-
inclusion/
 31

CHAPTER : IX
APPENDICES

Questionnaire:

1. Name : -----------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------

2. Age :-----------------------------------------------------------------------------------
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3. Status (Working/Non-Working) :----------------------------------------------------

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4. Profession/Occupation (Private/Govt./None) :-------------------------------------

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5. Banks Accounts : Yes/No

6. Types of Bank Accounts : -----------------------------------------------------------

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7. Reason of Investing in Banks : ------------------------------------------------------

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8. Avenues of Savings other Than the Bank of the Respondents : -----------------

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9. Financial Awareness About Product And Services : ------------------------------

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10.Source of Information About the Financial Product and Services :-------------

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