FINANCIAL INCLUSION IN INDIA: A STUDY OF MEASURES AND PROGRESS

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1 FINANCIAL INCLUSION IN INDIA: A STUDY OF MEASURES AND PROGRESS 1 SMRITI, 2 SAHIL KAPOOR ( 1 Assistant Professor, Dayanand Mahila Mahavidyalya, Kurukshetra, 2 Research Scholar, University School Of Management, Kurukshetra University, Kurukshetra) Abstract: In order to grow and sustain in today s modern competitive world, every nation whether developed or developing must have a strong financial system which should be regulated by government and other regulatory agencies. Indian Financial system have 4 basic pillars i.e. Financial Institutions, Financial Markets, Financial Instruments, Financial services. All the 4 pillars must coordinate and integrate their activities in order to achieve growth and economic development of country. Financial Inclusion is one of the most important step taken by the government of India to further strengthen their financial system. The present paper study the major initiatives and the progress of financial inclusion over 5 years from to and it is found that pace of financial inclusion is increasing at decreasing trend despite being various efforts made by Reserve Bank of India and other regulatory agencies. Financial innovations and financial literacy may play a significant role in making this initiative a success. Keywords: financial literacy, financial innovation, financial instrument. INTRODUCTION Financial inclusion is not a new concept as far as country like India is concerned. It was used firstly way back in 2005 by RBI and various other committees in order to implement it. Basically, Financial Inclusion is the process of ensuring the access to all the weaker sections of society as far as Banking services and products are concerned. Various rural and semi urban areas of the country are targeted under this, which do not have any bank branches in their areas & have no access to banking services at all. Present Government led by Narendera D. Modi, continuously working in the strengthening this initiative & the major step was JAN DHAN YOJANA which was launched on August, It was the remarkable step in the history of India because 15 million accounts were opened on the inauguration day. LITERATURE REVIEW Sonu Garg and Dr. Parul Aggarwal (2014), they have concluded that despite being various efforts the growth in financial inclusion was not up to the mark and they have suggested that a proper sustainable environment should be there in order to grow in this area. Kuldeep Kumar (2014) concluded that a large share of the population still untapped under this initiative and also suggested that RBI and bureaucrats should coordinate with each other in order to target the untapped population. STATEMENT OF PROBLEM With the guidelines issued by RBI, other government agencies & recommendations of various committees from time to time for financial inclusion, to target various unbanked areas and providing them with basic banking amenities. So what are the major initiatives that are taken to in order to provide them with banking services and what is the progress over the years under this is the central theme of this research paper. OBJECTIVES To study the measures adopted by RBI and other banks in the area of financial inclusion. To study the progress over the years in financial inclusion. RESEARCH METHODOLOGY In the present study, secondary data is used & the data has been collected from websites, journals, newsletter and annual reports of RBI and other schedule commercial banks of India. The present study is exploratory cum descriptive in nature. The method of data analysis is used includes the comparison of collected data which is presented in the form of tables. Contribution in financial inclusion is compared as a relative concept. The study is limited to a sample of five years from to Homepage: jmraeditor@gmail.com Page 214

2 ANALYSIS AND INTERPRETATIONS 1. Measures Adopted Under Financial Inclusion BC MODEL Business correspondent model allows banks to reach those areas where there is no bank branch and the people live in that area does not have any access to the banking facilities. In this model, banks take the help of various individuals and by giving them training and certification to handle various financial products and assign a target area to work as a banking correspondent in that area. EASY KYC COMPLIANCE Know your customer compliance become an easy task now. Before this various documents were needed in order to open account in banks but now with the introduction of AADHAAR, only thumb print is needed in order to comply with KYC rules. GCC General Credit Cards are issued for providing the loan to various rural and semi urban people as well as other non-farm entrepreneurial business without any collateral security. KCC Kisan Credit Card is smart cards issued for the purpose of providing loans to farmer efficiently and effectively. BSBDA Basic Savings Bank Deposit Accounts are opened with no amount or very nominal amount along with various facilities like debit card, mobile banking, chequebook etc. KIOSK A standalone booth which helps in enhancing financial literacy by providing information about various banking products and services PRADHAN MANTRI JEEVANJYOTI BIMA YOJANA A new life insurance scheme for the growth of poor and low income section of society. It is being provided with every new account as well as to existing customer at the premium of Rs.330/- per annum. PRADHAN MANTRI SURAKSHA BIMA YOJANA A new accidental insurance scheme for reducing the risk of poor and low income section of society against accident. It is being provided with every new account as well as to existing customer at the premium of Rs.12/- per annum. 2. Progress Under Financial Inclusion Homepage: jmraeditor@gmail.com Page 215

3 SOURCE: RBI Homepage: Page 216

4 SOURCE: RBI Homepage: Page 217

5 From the above two tables it can be conclude that in case of the following: BANKING OUTLETS IN VILLAGES These are increasing in decreasing trend from 2,68,454 to 5,98,093. Highest outlets were opened in villages during URBAN LOCATION COVERED THROUGH BC s These are also increasing in decreasing trend from 27,143 to 1,05,402. Highest urban coverage through BC s was during BSBDA Through branches Highest were (84.3 million) in and the highest amount involved were (217 billion) in Through BC s Highest were (70.9 million) in and the highest amount involved were (121 billion) in OD Facility in BSBDA Highest were (1.9 million) in and the highest amount involved were (14 billion) in KCC Highest KCC Cards were issued (5.9 million) in along with the highest disbursement (1062 billion). GCC Highest GCC Cards were issued (3.4 million) in along with the highest disbursement ( billion). ICT A/C s + BC Highest Transactions were (3.4 million) in and the highest amount involved in the transactions were (965 billion) in SUGGESTIONS RBI should coordinate with various post offices, fair price shops, municipality institutions, panchayati raj institutions in order to avail more and customized banking services and products. RBI should direct all the banks to frame financial inclusion policy and also report to them on the progress of the report quarterly. RBI should give a attractive amount of salary and perks to business correspondents in order to encourage the new as well as to retain the existing. RBI should also launched camps and programmes in various unbanked areas to promote financial literacy. CONCLUSION At last it can be concluded that RBI, banks and other authorities are continuously making efforts to attain the basic objective of financial inclusion that is each and every person of the country should have access to the basic banking facilities but there exist some loopholes and lack of monitoring and implementing agency that even after so much efforts for various years there exists a large bunch of people who do not have any bank account and even if some of them are having they do not have any knowledge regarding various other facilities of banks. So, In order to make this initiative a success, RBI and other banks should coordinate with each other to reach every Indi dual with banking products and services as well as should conduct financial literacy programmes which makes their habit of savings which leads to the strengthening financial syste of India. LIMITATION OF THE STUDY The study is limited to a sample of five years; hence more evidences will be needed in order to generalize the results. The study has a further scope of research. REFERENCES Garg Sonu and Aggarwal Parul, (2014) Financial Inclusion In India A Review of Initiatives and Achievements. IOSR Journal of Business and Management (IOSR-JBM) e-issn: X, p-issn: Volume 16, Issue 6. Ver. I (Jun. 2014), PP Kumar Kuldeep, (2014) Financial Inclusion Progress and Strategies towards Future Growth in India. ELK ASIA PACIFIC JOURNAL OF FINANCE AND RISK MANAGEMENT ISSN (Print) ISSN (Online) Volume 5 Issue 3, July (2014) Homepage: jmraeditor@gmail.com Page 218

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