( ISSN 2277 - 9809 (online) ISSN 2348 - 9359 (Print) ) New DOI : 10.32804/IRJMSH

Impact Factor* - 6.2311


**Need Help in Content editing, Data Analysis.

Research Gateway

Adv For Editing Content

   No of Download : 122    Submit Your Rating     Cite This   Download        Certificate

FINANCIAL INCLUSION IN INDIA: CONTRIBUTION OF SELF HELP GROUP

    2 Author(s):  DR. PRAMODKUMAR V. DESHANI,DR. MOHAMMAD ARIF

Vol -  9, Issue- 1 ,         Page(s) : 379 - 387  (2018 ) DOI : https://doi.org/10.32804/IRJMSH

Abstract

In India, most of lower middle class people are excluded from participation in the formal financial sector, whether it is from access to credit, savings, or insurance. The financially weaker section in India involves largely of marginal farmers, landless laborers, small vendors, hawkers, unorganized sector enterprises, migrants, ethnic minorities, senior citizens and women. Financial inclusion goes beyond opening of bank accounts; it is a comprehensive set of services that needs to be offered to the clients so that they can choose based on their needs from the services. The financial products services for the weaker sections and low income groups need to be in such a way that they increase the credit absorption levels to go beyond basic consumptive credit needs and protect them from a wide range of risks and vulnerabilities. The financially excluded sections need products which are useful to meet their needs. The need for credit differs according to the context, family size, economic status and economic opportunities, and life cycle of the family. The aim of this paper is to explain the existing scenario of financial inclusion in India with different approaches of financial inclusion. This paper also elaborates the importance of Self Help Groups in financial inclusion in India.

1. Agarwal Amol, (2008), The need for financial Inclusion with an Indian Perspective,IDBI
2. Annual Report of NABARD 2009-10, 2010-11 and 2011-12
3. Basu Priya (2006): “Improving Access to Finance for India’s Rural Poor”, The World Bank, Washington,
4. Beck Thorsten, Ross Levine, and Norman Loayza. (2000):“Finance and the Sources of Growth.” Journal of Financial Economics 58 (1): 261–300.
5. Bekaert, Geert, Harvey Campbell R and Lundblad Christian (2005):“Does Financial liberalization spur growth?" Journal of Financial Economics, Volume 77, July 2005, Pages 3-55.
6. Chavan pallavi and Ramakumar R., (2002): Micro-Credit and Rural Poverty: An Analysis of Empirical Evidence, Economic and Political Weekly, Vol. 37, No. 10 (Mar. 9-15, 2002), pp. 955-965.
7. Devaki Muthukrishnan, (2008) “Financial Inclusion”, The Journal of Indian Institute of Banking and Finance, April-June 2008, Pp.30-33
8. Dr.K.Srinivasa Rao (2009), “Micro –credit Engine for Inclusive Growth”, The Indian Banker, Sep. 2009, Vol.4, No.9, Pp.40-43
9. Gadewar, A.U , “Financial Inclusion: Issues and Challenges”, Vinimaya, Vol.XXVII (4), 2006-07, Pp.49-56
10. GILTS Bock, T.A. Demirguc-Kunt and R. Levine (2007) “Reaching out: Access to and use banking services across countries” Journal of Financial Economics 85, 234-66.
11. Goodwin D., Adelman L., Middleton S. and Ashworth K. (2000), Debt, Money Management and Access to Financial Services: Evidence from the 1999 PSE Survey of Britain, 1999 PSE Survey Working Paper 8, Centre for Research in social policy , Loughborough University.
12. Government of India (2008), “Report of the Committee (Chairman: C.Rangarajan) on the Financial Inclusion”, January 2008.
13. Laxminarayanan Ramanathan (2011), “Socio-Economic impact of SHG-Bank Linkage on Members: An Assessment”, Southern Economist, March 2011, Pp.13-16
14. Leeladhar, V (2005), “Taking Banking Services to the Common Man: Financial Inclusion”, Commemorative Lecture by Shri V.Leeladhar, Deputy Governor, RBI, Fedbank Hormis Memorial Foundation, Ernakulam, December 2, 2005.
15. Mahendra Dev.S.(2006), “Financial Inclusion – Issues and Challenges”, Economic and Political Weekly, Vol.41 (41), October 14-October 20, 2006.
16. Mathew Joseph, (2007) “Financial Inclusion for Inclusive Growth”, Vinimaya, Vol.XXVIII, No.2, 2007-08, pp.13.
17. Pratima Trivedi, “Financial Inclusion: A Must for Financial Stability”, Vinimaya, Vol.XXIX (2), 2008-09, Pp.59-64
18. Puhazhendi V. and Satyasai K.J.S. (2000), “Micro-finance for Rural People: An Impact Evaluation”, NABARD.
19. Rangarajan Committee (2008) “ Report of the committee on financial inclusion” Government of India.
20. Report of the Internal Group to Examine Issues Relating to Rural Credit and Microfinance (2005), Reserve Bank of India.
21. Report on Trend and Progress of Banking in India, RBI, 2010-11
22. Sangwan S .S. (2008): “Financial Inclusion and Self Help Groups”,NABARD
23. Status of Micro finance in India, NABARD, from 2008 to 2011.
24. Thorat(2007) “ Financial Inclusion- The Indian Experience”, Reserve Bank of India Bulletin, July, pp.1165-71
WEBSITES
1. www.npi.org.uk
2. www.nationalcentrefordiversity.com
3. www.bbcnews.com
4. www.nabard.org
5. www.indian-bank.com
6. www.rbi.org.in
7. www.innoviti.com
8. www.egovonline.net
9. www.indiastat.com

*Contents are provided by Authors of articles. Please contact us if you having any query.






Bank Details