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A study of issues of financial inclusion in unbanked area of Jalgaon district with special reference to IDBI bank LTD

A study of issues of financial inclusion in unbanked area of Jalgaon district with special reference to IDBI bank LTD
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With focus on inclusive growth, the Indian government has been encouraging opening of bank accounts for the nation’s huge unbanked population by providing government benefits through such accounts. ICT solutions have made such initiatives possible at relatively low cost

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  1. International Journal of Management (IJM)
    Volume 7, Issue 4, May–June 2016, pp.172–178, Article ID: IJM_07_04_014
    Available online at
    http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=7&IType=4
    Journal Impact Factor (2016): 8.1920 (Calculated by GISI) www.jifactor.com
    ISSN Print: 0976-6502 and ISSN Online: 0976-6510
    © IAEME Publication

    A STUDY OF ISSUES OF FINANCIAL
    INCLUSION IN UNBANKED AREA OF
    JALGAON DISTRICT WITH SPECIAL
    REFERENCE TO IDBI BANK LTD
    Parag Madhukar Kharate
    Research Scholar
    Bhusawal Arts, Science and P.O. Nahata Commerce College, Bhusawal, MS

    Dr. Arvind Narayan chaudhari
    Professor & Research Guide in Commerce
    Bhusawal Arts, Science and P. O. Nahata Commerce College, Bhusawal, MS

    ABSTRACT
    With focus on inclusive growth, the Indian government has been
    encouraging opening of bank accounts for the nation’s huge unbanked
    population by providing government benefits through such accounts. ICT
    solutions have made such initiatives possible at relatively low cost
    While the growth, that India has seen during the past decade has been
    impressive, there are some concerns about the dimensions related to financial
    services. Lot of work needs to be done before the concerns of absolute poverty
    can be addressed. The low income households in India have very little
    awareness of banking, credit and insurance related services through which
    they can enhance and protect their financial resources during times when they
    are unexpectedly struck by illness, natural disasters or death of the primary
    breadwinner
    Cite this Article: Parag Madhukar Kharate and Arvind Narayan chaudhari, A
    Study of Issues of Financial Inclusion In Unbanked Area of Jalgaon District
    with Special Reference To IDBI Bank Ltd. International Journal of
    Management, 7(4), 2016, pp.172–178.
    http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=7&IType=4

    INTRODUCTION
    Inclusive funding or financial inclusion is the delivery of monetary services at
    reasonable prices to units of underprivileged and low income parts of society, in
    distinction to monetary exclusion wherever those services don’t seem to be presented
    or reasonable. Associate degree calculable a pair of billion working-age adults

    http://www.iaeme.com/IJM/index.asp 172 editor@iaeme.com

  2. A Study of Issues of Financial Inclusion In Unbanked Area of Jalgaon District with Special
    Reference To IDBI Bank Ltd

    globally haven’t any access to the kinds of formal monetary services delivered by
    regulated monetary establishments. As an example in geographical area solely pure
    gold of adults have a checking account although Africa’s formal monetary sector has
    big in past few years. It is argued that as banking services square measure within the
    nature of public good; the setting up of banking and payment services to the whole
    population while not discrimination is that the main objective of monetary inclusion
    public policy.

    THE EXTENT OF FINANCIAL EXCLUSION IN INDIA
    The Indian Government has always given a priority to the inclusive growth. In last
    there has been a development in some policy and regulation institutes e.g. Indian
    Government, RBI, IRDA, PFRDA (for micro- pensions), offering several of policies
    and regulations are having inclusive growth as their mission. The banking sector has
    taken a lead role in promoting financial inclusion. In rural areas there has been a huge
    increase in the number of bank branches. The network of branches has increased to
    89000 which were near around 8000 in 1969 as it has been continuously spreading
    across the country. However, the initiatives for strengthening financial inclusion have
    no considerable influence on the lives of the people which is excluded. The unbanked
    population is almost half of the Indian population. The deposit account holders are
    around 55 % of the Indian population and around 9 % have credit accounts with
    banks. In accordance with observation of Reserve Bank of India (RBI), India is the
    home to largest number of unbanked families (more than 145 million). There is only
    one bank branch per 14,000 people. Though India is having near around 6 lakhs
    villages, Scheduled commercial banks (SCBs) and Regional Rural Banks (RRBs) are
    numbered only 33,495.
    The Reserve Bank of India is acknowledging the need of marching up and branch
    openings in rural zones so as to expand banking penetration and financial inclusion.
    The advice as part of risk management to adopt ICT solutions has been given to the
    banks including biometric identification of the customer. It has been advised to the
    domestic Scheduled Commercial Banks (SCBs) for allocating at least 25% of the total
    number of branches needs to be opened during a year to unbanked rural centres (Tier
    5 & Tier 6 centres). When it comes to insurance, we have financial exclusion on an
    even larger scale. The facilities like life insurance is taken by lower than 20 % of the
    population.

    REVIEW OF LITERATURE
    Paper entitled Pradhan Mantri Jan DhanYojana (PMJDY): A New Drive Towards
    Financial Inclusion In India published by Rajanikanta Khuntia (M Com, Mphil, Ugc
    Net), in Zenith International Journal Of Business Economics & Management
    Research, Issn 2249- 8826 Zijbemr, Vol.4 (11), November (2014), Pp. 10-
    20.Policymakers and government have been giving a slogan of financial inclusion for
    a long time. By realizing the fact that the economic growth and progress of a country
    like India depends on the financial inclusion, many policymakers and financial
    institutions are attempting to get large segments of the rural population within the
    banking systems. Inclusive growth becomes impossible without financial inclusion.
    Financial inclusion is also must for the economic development of the country. As a
    big portion of total population remains separate from the growth process, the
    economic progress is not possible in the absence of Financial Inclusion. The
    economic growth of India is at one digit but the economic situation of folks in rural

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  3. Parag Madhukar Kharate and Dr. Arvind Narayan chaudhari

    zones becoming more and more worst because of the financial exclusion of the one of
    the major reason of poverty. In India negligible population can enjoy services like
    savings and internet banking but basic financial services like savings, credit and
    insurance facilities are not even accessible to near around 40% of population. Also
    near around ten crores of families have been kept away from connecting to the
    banking networks even after 68 years of independence. Bringing every household
    within the grasp of the banking organizations there has been an ongoing process
    started a decade ago. However, the present Indian government has packaged it in a
    mission mode and made it an achievable target. In order to reduce the degree of
    “financial Untouchability” the new government has come up with a big bang action
    plan which is popularly known as “Pradhan Mantri Jan-DhanYojana”. It’s a mega
    financial inclusion plan with the objective of covering all households in India with
    banking facilities along with inbuilt insurance coverage. The purpose is to speed up
    progression, combat poverty successfully and empowering the last person in the last
    row in Indian economy. Amid this context, the current paper endeavors’ to learn the
    latest drifts in financial inclusions in country with special mention to PMJDY,
    analysis of its different key areas, the barriers in the process and recommends
    approaches to safeguard supreme financial inclusion for the deprived and unbanked
    segments.

    RESEARCH METHODOLOGY OF THE STUDY
    Objectives of the Study
    1. To study the Financial Inclusion concept.
    2. To identify the key issues about Financial Inclusion concept among unbanked area of
    Jalgaon District.

    Hypotheses of the Study
    Ho- There is positive perception about issues of Financial Inclusion concept among
    unbanked area of Jalgaon District.
    H1- There is not positive perception about issues of Financial Inclusion concept
    among unbanked area of Jalgaon District.

    SCOPE OF THE STUDY
    The unbanked village residents will be the main respondent in this study. Perception
    of those people will reflect the exact scenario of issues about Financial Inclusion
    concept at the ground level.

    Data Collection
    Primary Data The study is carried on analysis of Primary Data. The detailed
    questionnaire is prepared to collect relevant information from the primary source for
    the guidance of the researchers. With the help of the questionnaire,
    Secondary Data- Researcher use various published data and reports

    RESEARCH AREA
    Researchers selected unbanked villages of Jalgaon District. There are 142 unbanked
    villages in Jalgaon District and around 189 residents have been responded from
    around 19 villages. Researcher collects data through Primary and Secondary sources.

    http://www.iaeme.com/IJM/index.asp 174 editor@iaeme.com

  4. A Study of Issues of Financial Inclusion In Unbanked Area of Jalgaon District with Special
    Reference To IDBI Bank Ltd

    Limitations of the study
    Sample size could be increase which may lead towards more clear idea while studying
    the topic and the more widely geographical area could be selected such as
    Maharashtra State.

    Data Analysis
    Researcher prepared the questionnaire for unbanked village residents and distribute it
    among the unbanked village residents in Jalgaon District. After receiving the
    questionnaire, researcher Analyse the questionnaire.

    Table 1 Information of questionnaire

    Sr No Total Questionnaire Questionnaire Questionnaire Sample
    Respondents distributed received rejected size for
    study
    1 200 200 195 6 189
    There are 195 questionnaire received from respondents, after analysis, researcher
    rejected incomplete, Partially filled, improper questionnaires.

    Table 2 Information regarding issues about Financial Inclusion concept among respondents
    Proportion of
    respondents
    Issues about Financial
    who stated the
    Inclusion in unbanked Strongly Strongly
    SN aspects as Agree Neutral Disagree
    area of Jalgaon Agree Disagree
    either very
    District
    important or
    important
    The unawareness about
    1 0.84 81 78 7 11 12
    banking process
    Insufficient existing
    2 formal credit delivery 0.83 79 77 10 7 16
    mechanism
    Lack of improvement
    in credit absorption
    capacity especially
    3 amongst marginal and 0.77 71 75 33 4 6
    sub marginal farmers
    and poor non-cultivator
    households
    Customers are not
    familiar with use of
    4 ICT in banking 0.63 68 51 15 33 22
    (especially rural
    customer)
    Field issues such
    unavailability of place
    5 for bank, staff 0.62 62 55 25 29 18
    unavailability, network
    problems etc
    6 Others 0.34 25 39 15 29 81
    Issues about Financial Inclusion in
    0.67 64 63 18 19 26
    unbanked area of Jalgaon District

    http://www.iaeme.com/IJM/index.asp 175 editor@iaeme.com

  5. Parag Madhukar Kharate and Dr. Arvind Narayan chaudhari

    Graph 1: Graphical Information regarding issues about Financial Inclusion concept among
    respondents

    Testing of Hypothesis
    Issues about Proportion of
    Financial respondents
    Inclusion in who stated the
    SN unbanked aspects as SD H0 H1 Z value Z_table p value Decision
    area of either very
    Jalgaon important or
    District important
    The
    unawareness P≠ Reject H0
    1 0.84 0.03 P= 0.5 12.84 1.64 0.0000
    about banking 0.5 (P > 0.5)
    process

    Insufficient
    existing
    P≠ Reject H0
    2 formal credit 0.83 0.03 P= 0.5 11.78 1.64 0.0000
    0.5 (P > 0.5)
    delivery
    mechanism
    Lack of
    improvement
    in credit
    absorption
    capacity
    especially
    P≠ Reject H0
    3 amongst 0.77 0.03 P= 0.5 8.94 1.64 0.0000
    0.5 (P > 0.5)
    marginal and
    sub marginal
    farmers and
    poor non-
    cultivator
    households

    http://www.iaeme.com/IJM/index.asp 176 editor@iaeme.com

  6. A Study of Issues of Financial Inclusion In Unbanked Area of Jalgaon District with Special
    Reference To IDBI Bank Ltd

    Issues about Proportion of
    Financial respondents
    Inclusion in who stated the
    SN unbanked aspects as SD H0 H1 Z value Z_table p value Decision
    area of either very
    Jalgaon important or
    District important
    Customers are
    not familiar
    with use of
    ICT in P≠ Reject H0
    4 0.63 0.04 P= 0.5 3.69 1.64 0.0001
    banking 0.5 (P > 0.5)
    (especially
    rural
    customer)
    Field issues
    such
    unavailability
    of place for P≠ Reject H0
    5 0.62 0.04 P= 0.5 3.37 1.64 0.0004
    bank, staff 0.5 (P > 0.5)
    unavailability,
    network
    problems etc
    P≠ Reject H0
    6 Others 0.34 0.03 P= 0.5 -4.69 1.64 0.0000
    0.5 (P < 0.5)
    Issues about Financial
    Inclusion in unbanked P≠ Reject H0
    0.67 0.03 P= 0.5 5.01 1.64 0.0000
    area of Jalgaon 0.5 (P > 0.5)
    District

    FINDINGS
    1. The unawareness is most influencing factor while considering Financial Inclusion in
    the unbanked area of Jalgaon District which is quite obvious as there is no any
    educational strong support system in the village as compared to other one.
    2. The main interesting fact is that, the respondent are expecting hassle free and
    transparent credit delivery/ distribution system as credit availability plays vital role in
    the life of village residents which is mainly farmer by profession.

    CONCLUSION
    The unbanked village residents had raised the various angles while talking about
    issues of Financial Inclusion in the unbanked area of Jalgaon District. They expects
    the mentioned issues to be kept in mind while Financial Inclusion in unbanked area of
    Jalgaon District

    http://www.iaeme.com/IJM/index.asp 177 editor@iaeme.com

  7. Parag Madhukar Kharate and Dr. Arvind Narayan chaudhari

    REFERENCES
    [1] IDBI Bank Ltd. – Financial Inclusion : Achievements 2013–14
    [2] Pradhan Mantri Jan Dhan Yojana (Pmjdy): A New Drive Towards Financial
    Inclusion In India By Rajanikanta Khuntia (M Com, Mphil, Ugc Net), Zenith
    International Journal Of Business Economics & Management Research, Issn
    2249- 8826 Zijbemr, 4(11), November (2014), Pp. 10–20.
    [3] Dr.M.Marimuthu and K.Indumathi Velmurugan, A Study with Special Reference
    To Banking Industry In India. International Journal of Management, 7(2), 2016,
    pp.735–742.
    [4] Dr. C. Mahadeva Murthy and Prof. S.N. Pathi, an Assessment of Risk
    Management In Banking Sector: A Study With Special Reference To Public and
    Private Sector Banks In India. International Journal of Advanced Research in
    Management, 7(2), 2016, pp.18–33.
    [5] Ms.S.Sujatha, Ms.K.Santhana Lakshmi, Mr.Martin Selvakumar.M and Dr.N.
    Santhosh Kumar, Effectiveness of Training and Development Among Employees
    In Private Banks (With Reference To Chennai City). International Journal of
    Management, 4(2), 2013, pp.118–124.
    [6] Fundamentals of Mathematical Statistics, by S. C. Gupta and V.K.Kapoor (2006).
    Sultan Chand & Sons Educational Publishers, New Delhi

    http://www.iaeme.com/IJM/index.asp 178 editor@iaeme.com

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