Manju
Department of commerce
Abstract:
Despite
the tremendous growth in some Asian Countries, unemployment, poverty and
inequality still remain issue in most of countries in general and India in
particulars. Many economies tried hard to break vicious circle of these
problems by adopting numerous strategies but the success is yet to come. The
failure of trickledown effect is major cause for failure of many strategies at
local or national or international level. Financial inclusion which is integral
of inclusive growth process and sustainable development is a strategic tools
for providing, access to financial services in form of savings, loans,
insurance, credit and payment to needy, low income and unprivileged people of
society. So objective of the paper is to analyse impact of financial inclusion
in rural and urban area of Gohana Block of Sonipat District in Haryana.
Key
Words: Financial Inclusion, Poverty, Inclusive Growth, Development, Sonipat
1.
Introduction
Despite the tremendous
growth in some Asian Countries, unemployment, poverty and inequality still
remain issue in most of countries in general and India in particulars. Many
economies tried hard to bread vicious circle of these problems by adopting numerous
strategies but the success is yet to come. The failure of trickledown effect is
major cause to for failure of many strategies at local or national or
international level. Financial inclusion which is integral of inclusive growth
process and sustainable development is a strategic tools for providing, access
to financial services in form of savings, loans, insurance, credit and payment
to needy, low income and unprivileged people of society. In this way financial
inclusion refers a process that insures the ease of access, availability and
usage of the formal financial system for all member of the economy. It
facilitates efficient allocation of productive resources and reduces the role
of informal sources of credit as money lender which are found to be exploitive
in economy.
In India the concept of financial
inclusion was first incorporated 2005, when it was introduced by K.C
Charoborty, The chairman if Indian bank and Mangalam village turn out to be
first village in India where all household were provided banking facilities.
National Rural Employment Guarantee Programme is a mile stone for the promotion
of financial inclusion as the necessary requirements of channelling the wage
payments through the banking system so that we can evaluate the problems of
corruption, redtapism etc and real fruit of development of a country reach to
poorest people. It is estimated that
around 2.9 billon people around the world do not have access to formal sources
of banking and financial services. India is said to be lived villages with
around 72% population however a significant proportion of our villages does not
have single branch in rural areas (RBI, Working Paper 2015).
So
objective of this study is to analyse a comparison of impact of financial
inclusion on urban and rural areas. The paper is organised as follow, Section 1
deals with review of literature which put a light on previous work of financial
inclusion as national and international level and provides a gap to researcher
for further research, Section 2 explores the objectives of the study and section
3 described research methodology. Section
4 represents the main findings of work and the last section 5 captured conclusions
and suggestion for further policy implication.
2.
Review of Literature
Review of literature helps the researcher
not only in understanding the issues involved but also in planning and
execution of the experiences of others. Further, the knowledge of possible gap
of empirical research provides clue to plug those gaps to the extent possible
which in turn helps in making empirical research socially more meaningful. The
main objective of the study is to impact of financial inclusion in Gohana Block
of Sonepat District. So, we briefly review some of the earlier studies on financial
inclusion to identify gaps in research, if any, which would help in formulating
the methodology of present study and brief review of some studies, is given
below.
Thorat (2007)1 explained
experience of financial inclusion in India. The study based on secondary data
using source RBI. The study describes many phenomenon of financial inclusion in
India like how to measure financial inclusion, initiatives of reserve bank of
India for financial inclusion and also focus on strategies and approach. The
approach to financial inclusion in developing countries such as India is thus
somewhat different from the developed countries. In the latter, the focus is on
the relatively small share of population not having access to banks or the
formal payments system whereas in India.
Swain
(2008)2 analysed current Indian framework of financial inclusion.
The study based on secondary data using source NSSO and RBI. The study attempts to develop a framework
inclusion well within the propositions of the current Union Budget which is
expected to work for the Indian scenario .It also tries to hit on several flaws
in the current mass debt waiver policy for farmers announced in the Union
Budget and its implication. Within such policy, framework, the study is an
attempt to weave an argument starting from the mismatch of credit and deposit
growth of banks, steps taken by the Reserve of India, role of IT as an enabling
agent, role of government, future challenges and how all this has shaped the
present degree of inclusion of India.
Massey
(2010)3 discussed the role of financial institutions in a developing
country is vital in promoting financial inclusion. The study is based upon
secondary data. The study shows that efforts of the government to promote
financial inclusion and deepening can be further enhanced by the pro-activeness
on the part of capital market players including financial institutions.
Financial institutions have a very crucial and a wider role in fostering
financial inclusion. National and international forum have recognized this and
efforts are seen on domestic and global levels to encourage the financial
institutions to take up larger responsibilities in including the financially
excluded lot.
Sharma (2010)4 analysed
the index of financial inclusion. The study based on secondary data. The study shows promotion of an inclusive
financial system is a policy priority in many countries. While the importance
of financial inclusion is widely recognized, the literature lacks a
comprehensive measure that can be used to measure the extent of financial inclusion
across economies. The study attempts to fill this gap by proposing a
multidimensional index of financial inclusion (IFI). The proposed IFI captures
information on various dimensions of financial inclusion in one single number
lying between 0 and 1, where 0 denotes complete financial exclusion and 1 indicates
complete financial inclusion in an economy. The proposed index is easy to
compute and is comparable across economies.
Damodar (2011)5 explained
issues and challenges of financial inclusion in India. The study shows that a
vast segment of India's population exists on the margins of India's financial
systems. There is growing concern about people being ‘under-banked’. Financial
inclusion is important priority of the country in terms of economic growth and
development of society. It enables to reduce the gap between rich and poor. It
helps to channelize money-flow to the economy; it ensures people who are unable
to access financial system so far can access it with ease. The study discusses
the role of financial inclusion in the economy and how the different
stakeholders play an important role in developing the whole initiative.
Dangi and Kumar
(2013)6 evaluated current situation of financial inclusion in India
and its future visions. The study based on secondary data using source RBI
Bulletin, Annual Reports of RBI and Ministry of Finance, NABARD, Government of
India. The study focuses on the RBI and government of India initiatives and
policy measures, current status and future prospects of financial inclusion in
India on the basis of facts and data provided by various secondary sources.
This study concludes that financial inclusion shows positive and valuable
changes because of change in strength and technological changes. Therefore,
adequate provisions should be inherent in the business model to ensure that the
poor are not driven away from banking. This requires training the banks
forefront staff and managers as well as business correspondents on the human
side of banking.
Kukreja
and Sharma (2013)7 explained relevance
of financial inclusion for developing nations. The study based on secondary
data using source Research Journals, E-Journals, RBI Report, and Report
of NABARD. This study shows the basic features of
financial inclusion, and its need for social and economic development of the
society. The study focuses on the role of financial inclusion, in strengthening
the India’s position in relation to other countries economy. The results of study show that financial
inclusion is playing a catalytic role for the economic and social development
of society but still there is a long road ahead to achieve the desired
outcomes.
Paramasivan and Ganeshkumar (2013)8
discussed overview of financial inclusion in India. The study based on
secondary data using source World Bank. The study shows that inclusive growth
is possible only through proper mechanism which channelizes all the resources
from top to bottom. Financial inclusion is an innovative concept which makes
alternative techniques to promote the banking habits of the rural people
because, India is considered as largest rural people consist in the world.
Financial inclusion is aimed at providing banking and financial services to all
people in a fair, transparent and equitable manner at affordable cost.
Households with low income often lack access to bank account and have to spend
time and money for multiple visits to avail the banking services, be it opening
a savings bank account or availing a loan, these families find it more
difficult to save and to plan financially for the future.
Shastri
(2014)9 discussed the role of financial inclusion in Madhya Pradesh with
reference to Rural Population. The
objective of the study is to check financial inclusion in rural areas of Ujjain
District, reasons for low inclusion and satisfaction level of the rural people
towards banking services. The study has critically analysed the issues and a
challenge involved in financial inclusion for inclusive growth and has also
successfully attempted to highlight the factors that can aid in achieving
financial inclusion for inclusive growth.
Tamilarasu (2014)10 explained role of
banking sectors on financial inclusion development in India. The study based on
secondary data using source RBI data related to commercial banks. This
study shows that financial inclusion growth is possible only through proper
mechanism which channelizes all the resources to all the direction of the
customers. It is an innovative concept which makes alternative techniques to
promote the banking habits of the rural people. Because India is considered as
largest rural populations in the world and belongs to agriculture activities,
financial inclusion is aimed at providing banking and financial services to all
people in a fair, transparent and equitable manner at affordable cost.
Hastak and Gaikwad (2015)11 explained issues relating to financial inclusion and banking
sector in India. The study based on secondary data using source RBI and
Financial Excess Survey IMF. This study
shows that need and importance of financial inclusion for the social and
economic development of India. The study also reviews the current scenario as
well as current and future plans of RBI for Financial Inclusion. After analyzing
the facts and figures it is concluded the, though, various steps are taken by
RBI and Government of India to improve financial inclusion there is a long way
to achieve the total financial inclusion.
Barua, Kathuria, and Malik (2016)13 discussed the status of financial inclusion, regulation
in India. The study based on secondary data using source RBI, World Bank
and IMF. This study explains the current state of financial inclusion, as well
as regulatory changes necessary to make the new architecture for inclusion
viable, including a critique of some of the recommendations of the Mor
Committee on Comprehensive Financial Services for Small Businesses and Low-Income
Households. The study reviews modes of delivery and the regulatory structure
being contemplated or recently introduced. It assesses the suitability
objective envisaged as critical for inclusion, associated challenge of
revamping consumer protection laws, and imperative of improving financial
literacy. The paper also discusses the case of micro, small, and medium-sized
enterprises in the given context.
In short review of literature is indicative of fact that most of
study shows role of financial inclusion in sustainable growth process of
country in general and India in particular with this review of study also
explore that there few work is done on micro level especially in Sonepat
district so there is ample scope of future research in dynamic character of
financial inclusion
3. Objectives of the Study
The main objective of the study is to
analyse the impact of financial inclusion in urban and rural area of Gohana
Block of Sonepat District in Haryana. With this following is supportive
objective:
·
To analyse general
profile of household in selected area.
·
To make a comparison of
banking behaviour of urban and rural area.
·
To make a comparison of
loan behaviour and other financial services in the selected areas.
·
To examine the issues and
challenges behind financial inclusion in this areas.
·
To provide suggestions
for further policy implication.
4. Research Methodology
To
endeavour the above objectives study is conducted in one city and one village
of Gohana block of Sonepat district in Haryana, so that comparison of impact of
financial inclusion in urban and rural area can be made. The sample is
generated through multistage random sampling. At a very first stage one
district is randomly selected in all 21 district of Haryana i.e. Sonepat. Then
at second stage one block is randomly selected from all seven blocks of Sonepat
that is Gohana. At the third stage one village i.e. Barota and one city that is
Gohana is randomly selected. Total of 10% of total household is sampled. So
sample size is 300 households, 100 from village and 200 from city for required
research. The survey schedule technique of primary data is used to collect the
information from respondent in selected area.
The analysis is done through table using simple frequency and
percentage.
5.
Findings of the study
Table 1: General Profile of Respondent in Selected
Rural and Urban Area
|
Characteristics
|
Rural Frequency
|
Rural Percentage
|
Urban Frequency
|
Urban Percentage
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1.
Place of Survey
Gohana
Barota
2.
Gender of respondent
Male
Female
3.
Age of respondent
0-20
20-35
35-50
Above 50
4.
Occupation
Education
Farmer
Self
employed
Service
|
00
100
68
32
00
32
55
13
00
52
27
21
|
00
100
68
32
00
32
55
13
00
52
27
21
|
200
00
115
85
00
97
70
33
00
37
98
65
|
100
00
57.5
42.5
00
48.5
35
16.5
00
18.5
49.5
32.5
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Source:
Field Survey
Table
1 reveals the general profile of selected urban and rural area in Gohana
block of Sonipat district. The figures show that male respondents are more in
both areas in comparison to female respondents. Figures also represent that
almost 80% respondents lie between the age group of 20-50 in which 50%
respondents are young blood but farmer in rural area and self employed in
urban area. In short general profile shows that most of samples respondents
are young population having agriculture occupation in rural area and self
employed in urban area.
Table
2: Bank Account Status of Respondents
in Selected Area
Source:
Field Survey
Table
2 explores the status of bank account in rural and urban areas. Figure shows
that almost 80 percent households have bank in both rural and urban area with
one account. Only 20 percent households have more than account and in gernal
household having saving for their day-today financial activities. Figures
also reveals that rural people make less visit to bank in comparison to urban
people. With this 70 percent respondent also reported that they have not
faced in any problem in opening of an account in bank. Pensions and LPG
subsidies is main reason of opening of an account in both urban and rural
areas. In short, figures represent that people are integrated with banking
facilities in rural area also but less in comparison to urban area in usage
frequency of bank.
Table
3: Loan Behaviour of Respondents in Rural and Urban area
Source: Field Survey
Table 3 represents loan behaviour of
respondents in both rural and urban area. Figures explore that 69%
respondents in rural area and 62 % in urban area reported that they never
took loan from bank. Respondents who are availing loan also reported that
share of money lenders as loan provider is declining with the reason that low
interest rate of bank and its convenience. In loan types, personal loan is on
top in rural area and vehicle loan in urban area. It is also observed that
rural population is not availing housing or education loan whereas urban
population is availing all types of loan. In short, figures reveal that urban
population is more aware about banking facility and also making use of
it.
Table 4: Usage of Other Financial Services in Rural and Urban
area
Source: Field Survey
Table
4 shows uses of other financial services of bank in selected area. Figures
presents that households are also making use of other financial services in
which insurance is leading in both areas followed by debit card an credit
card. Whereas credit card is used by urban population more. In insurance
types, vehicle insurance is leading in both areas and followed by life
insurance and health insurance. Respondents are reported that family and
friends is main source of advice in both areas. Figure also reveal that 100%
respondents reported that they don’t have financial adviser centre are not
available for their queries about financial services and their uses in both
areas. In conclusion, urban population is availing more financial services in
comparisons to rural one.
Table
5: Impact of Financial Services on Respondent in Selected Area
Source:
Field Survey
Table
5 represents impact of financial services in selected areas. Figures show
that 90 % respondents reported that they did not have any asset created
through banking sport in rural area and 75% in urban areas. It is also
reported that in rural area households have assets in form of diary, farming
and fisheries equipments followed by vehicles, whereas in urban areas entertainment
equipment is leading followed by business start-up equipments. Figures also
reveals that urban population is more interested in keeping assets through
bank loan. Whereas for rural population it is not a part of their culture. In
conclusion urban population is more linked to banking facilities usage.
Issues
and Challenges of Financial Inclusion
There
are several issues, challenges and strategies to achieve the target of complete
financial inclusion: -
1. Change in the approach of banks:
Only access to credit
or banking is not the financial inclusion. It is often notices that mere
opening a bank account is taken or claimed as achieving the target of
financial inclusion. Many empirical studies and usage analysis reveals that
after opening such bank accounts, hardly there are any transactions take
place in such bank accounts. Bank must genuinely strive to provide the
directed services under the scheme of financial inclusion to the rural
population, since they are the main pillars for the desired success.
2.
Relaxation in regulatory Framework:
The RBI, in
November 2005, set the population benchmark, which will help it, for taking
its financial inclusion drive to the next level, mandating all banks to reach
out the villages, all habitations with population in excess of 2000. The RBI
asked banks to provide the zero-balance facility in the basic banking
accounts along with ATM-cum-Debit cards without extra charge.
3. Self Help Group-Bank Linkage Programme:
In the last two
decades, the major institutional innovation in India for expanding financial
system access and usage for the poor and marginalized sections of the
population has been the SBLP. The project provided a cost-effective SBLP
model for providing financial services to the underserved poor. Being a
‘savings-first, credit later’ model, credit discipline became a norm for Self
Help Groups (SHGs) and ‘social collateral’ made them bankable.
4.
Microfinance Institutions (MFIs):
The
MFIs have served the underserved populace in the last few years and improved
access to credit though there have been quite a few debatable issues on the
style of corporate governance and ethics of conducting business on part of
some of the MFIs. However, it has been often realized that the MFIs do help
in financial deepening and can remain an important segment of the Indian
financial market keeping in view the present level of penetration of the
banking system.
5. Product Initiatives:
To
ensure that more and more people come within the banking fold the banks
should offer all the customers a ‘basic savings deposit account’ with certain
minimum common facilities and without the requirement of minimum balance. The
services provided in this account should include deposit and withdrawal of
cash at the bank branches as well as ATMs, receipt/credit of money through
electronic payment channels or by means of deposit/collection of cheques
drawn by Central/State Government agencies and departments. Innovation of
products for the specific needs of the poor is necessary for achieving the
ultimate objective of inclusive growth.
6. Mobile
Banking:
With the rapid growth in the
number of mobile phone subscribers in India, banks in collaboration with
telecom companies are seeking to develop an alternate channel of delivery of
banking services. Keeping in view the issues relating to diversity of network
providers in India, remittance centric approach of such model and Know Your
Customer
(KYC) related concerns, the RBI has advocated bank-led mobile banking model
and issued operative guidelines to banks for effecting mobile-based banking
transactions. The empirical studies indicate that banks are yet to fully
exploit this technology even for their existing customers. The banks and the
mobile operators reach a workable understanding while protecting their mutual
interests. Such an approach would result in a ‘win-win’ situation for both
and, more importantly, serve the larger cause of public good of financial inclusion.
7. Aadhaar-enabled
Payment Systems (AEPS):
The
AEPS having the ability to service customers of many banks based on the
unique biometric identification data stored in the Aadhaar database is
expected to empower a bank customer to use Aadhaar as his/her identity to
access the respective Aadhaar enabled bank account and perform basic banking
transactions like balance enquiry, cash withdrawal and deposit through the
BC. A pilot scheme in four districts of Jharkhand is currently being carried
out under which MGNREGA wages to labourers are credited to their Aadhaar
enabled bank accounts.
8. Innovative
product lines & processes:
Banks
have to look at their policies and procedures to develop new product lines
rather than merely adopting the complex products of urban India in the rural
milieu.
9. Financial
literacy and awareness:
There
is a strong concern about the pathetic attitude of the banks to arrange
regular campaigns for spreading awareness about financial inclusion and
financial literacy need to be intensified. Banks need to do efforts in this
area through innovative dissemination channels including films,
documentaries, pamphlets and road shows.
10. Customer
service and consumer protection:
Customer
service is another issue that needs closer attention. Mind-set, cultural and
attitudinal changes at the grass-root levels and user friendly technology at
the level of branches of banks and BC outlets are needed to extend holistic
customer service to the new entrants to the banking system.
7. Conclusions:
It
is concluded that financial inclusion as a process of ensuring access to
financial services and timely and adequate credit for needed and vulnerable
section of society at an affordable cost is very important for the growth and
development of the any nations. The results of the study show that male
respondents are more in both areas in comparison to female respondents.
Figures also represent that almost 80% respondents lie between the age group
of 20-50 in which 50% respondents are young blood but farmer in rural area
and self employed in urban area. In short general profile shows that most of
samples respondents are young population having agriculture occupation in
rural area and self employed in urban area.
Findings also show that almost
80 percent households have bank in both rural and urban area with one
account. Only 20 percent households have more than account and in general
household having saving for their day-today financial activities. Figures
also reveals that rural people make less visit to bank in comparison to urban
people. With this 70 percent respondent also reported that they have not
faced in any problem in opening of an account in bank. Pensions and LPG
subsidies is main reason of opening of an account in both urban and rural
areas. In short, figures represent that people are integrated with banking
facilities in rural area also but less in comparison to urban area in usage
frequency of bank.
Study also explores that 69% respondents in rural area and 62 % in
urban area reported that they never took loan from bank. Respondents who are
availing loan also reported that share of money lenders as loan provider is
declining with the reason that low interest rate of bank and its convenience.
In loan types, personal loan is on top in rural area and vehicle loan in
urban area. It is also observed that rural population is not availing housing
or education loan whereas urban population is availing all types of loan.
In short,
figures reveal that urban population is more aware about banking facility and
also making use of it. Figures
presents that households are also making use of other financial services in
which insurance is leading in both areas followed by debit card an credit
card. Whereas credit card is used by urban population more. In insurance
types, vehicle insurance is leading in both areas and followed by life
insurance and health insurance. Respondents are reported that family and
friends is main source of advice in both areas. Figure also reveal that 100%
respondents reported that they don’t have financial adviser centre are not
available for their queries about financial services and their uses in both
areas. In conclusion, urban population is availing more financial services in
comparisons to rural one.
8.Suggestions:
For achieving complete financial
inclusion the RBI, Government, NABARD and the implementing agencies will have
to put their minds and hearts together so that the financial inclusion can be
taken forward. There should be proper financial inclusion regulation in our
country and access to financial services should be made through SHGs and
MFIs. Thus, financial inclusion is a big road which India needs to travel to
make it completely successful. Miles to go before we reach the set goals but
the ball is set in motion.
Financial Inclusion should be taken as a
business prospect rather than compulsion so that probable business opportunity
can be utilized by tapping and targeting untapped and unorganized
market. The RBI and commercial banks
should plan a coordinated campaign in partnership with the trainers and
professional to educate customers about the basic financial products,
services and offerings. For building
customer awareness E-banking and M-banking training and education programme
should be conducted.
Following
suggestions are to be implemented in India for enhancing the financial inclusion:
· Government should increase number of banks branches in remote
areas.
· Banks should focus more
on products which should be simple, affordable, and should have high utility.
· RBI should frequently
check whether the financial products are actually utilized by customer
effectively, if not it should analyse the reasons.
· Banks should do regular
surveys in villages for understanding the financial needs of the people.
· NGOs and other not for
profit organisation/ social organisations / Non Governmental organisations
etc. may be involved more to propagate the financial services to the remote
and non accessible areas.
· Banks should allow
customers to provide feedback about the product services.
· R B I should allow
service providers to provide better mobile banking products at affordable price.
· Micro Finance Organisations/ Non Banking Financial organisations
may be given permissions to do limited financial services in remote areas.
· Enlist many
intermediaries/ agents with incentives to facilitate popularising financial
products in remote areas.
· Opening of Bank
Accounts without minimum balance condition should be allowed at all branches
and places.
References
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Kathuria, R. and Malik, N. (2016), “The Status of Financial Inclusion,
Regulation, and Education in India,” ADBI Working Paper 568
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(2011), “Financial Inclusion: Issues and Challenges,” AKGEC International
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Dangi Neha and
Kumar Pawan (2013), “Current Situation of Financial Inclusion in India and
its Future Visions,” International Journal of Management and Social Sciences
Research, vol. 2(8)
Gandhi,
M.(2013), “Financial inclusion in India: Issue and Challenge,” International
Multidisciplinary Journal of Applied Research, Vol.1(3)
Hastak, Anuradha
and Gaikwad, Arun (2015), “Issues Relating to Financial Inclusion and Banking
Sectors in India,” The Business and Management Review, Vol.4 (4)
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(2010), “Role of Financial Institutions in Financial Inclusion,” FICCI’S
Banking and Finance Journal.
Paramasivan, C. And
Ganeshkumar, V. (2016), “Overview of Financial Inclusion in India,” Imperial
Journal of Interdisciplinary Research, Vol.2 (3)
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“ Financial Inclusion of Rural Markets: Understanding the Current Indian
Framework,” Indian Institute of Management Calcutta, Working Paper Series,
WPS No.630/October 2008.
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(2010), “Index of Financial Inclusion,” Centre of International Trade and
Development
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(2013), “Financial Inclusion in India: Do Microfinance Institutions Address
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Speeches
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Www.Wikipedia.Com.
Appendix
QUESTIONNAIRE ON FINANCIAL INCLUSION
Name of investigator:
A.
SAVING:
1. Is your household having a bank
account? Yes / No
2. No. Of accounts in your
household: ( ) 1
( ) 2 (
) 3 ( ) 4 or more than 4
( )
3. Which type of account do you have?
a) Saving account b) Current
account
c) Recurring account d) Fixed
deposit account
e) If other, please specify
4. Purpose of opening account:
a) Saving/ Banking
b) Due to loan account
c) For MNREGA payment
d) Other DBT payment
5. Frequency to visit bank:
a) Once in a week
b) Once in 15 days
c) Once in a month
d) Never after opening
e) Using ATM
f) Using internet banking
6. Problem faced in opening bank:
a) Distance from bank
b) Rush in bank branch
c) Illiteracy
d) Family problem
e) Any other
f) No problem faced
7. Any member of family received any
payment in bank a/c: Yes / No
8. If yes than what type:
a) Scholarship
b) Old age pension/ Widow pension / Handicapped pension
c) LPG Subsidy
d) Salary
e) Any other specify
LOAN
1.
Have your household ever borrowed or taken loan: Yes / No
2. If yes, from where?
a) Banks
b) Relatives
c) Moneylenders
d) If other, please specify
3. If borrowed from bank, which of the
following reason led to this choice?
a) Low rate of interest
b) Was offered/ arranged by the banks
c) It is easy
d) Trustworthy lenders
e) If other, please specify
3. If ever borrowed, what was the type
of the credit / loan?
a) Housing loan
b) Business loan
c) Education loan
e) Vehicle loan
f) If personal loan
Other
Financial services
1. Are you using any other form of
financial services or product?
a) No
b) If yes, then which one: Insurance
( )
Credit card ( ) Debit card
( )
2. If already having insurance, which of
the following type is it?
a) Life insurance
b) Health insurance
c) Vehicle insurance
d) If other, please specify
3. Over the past couple of years, have
been anywhere for taking advice about money matters?
a) No
b) Family/ Friends
c) Bank
d) Financial advisor
e) Social worker
4. Is there any financial advice centre/
credit counselling centre in your area?
Yes / No
5. What would you do if you needed money
in an emergency?
a) Ask family or friends
b) Take out a bank loan or overdraft
c) Take out loan from the other
sources
d) Use credit card
e) Sell something
f) Draw on savings
g) If other, please specify
6. Are you feel the need of a bank
branch at your place? Yes/ No
7. What do you think that the
Government, local bodies, banks, NGOs and others might need to do to further
achieve financial inclusion?
Impact
of financial inclusion
1.
Productive asset created with support from bank loan: Yes/ No.
2. Name of the productive assets:
a) Dairy animals / Farming equipments /
Fisheries
b) Transport vehicle
c)
Shop
d) Start any business
e) Entertainment equipments
e) Any other, please specify
3.
Would you like to acquire, if bank loan is provided? Yes / No.
4.
Why you don’t need these assets?
a)
No need
b)
Cannot afford
c)
Available on rent
d)
Bank loan is not available
e)
Any other please specify
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