Financial Inclusion Among Rural Households In Parlikad Village, Thrissur District

Research Article
Rose V J and Jincy John
DOI: 
http://dx.doi.org/10.24327/ijrsr.2018.0912.2973
Subject: 
science
KeyWords: 
Financial inclusion, self-exclusion, level of interest, level of satisfaction and level of expectation.
Abstract: 

Financial Inclusion is a socio-economic concept in India that aims to change the dynamics in development by providing financial services at affordable costs to the underprivileged, who might not otherwise be aware of or able to afford these services. Global trends have shown that in order to achieve inclusive development and growth, the expansion of financial services to all sections of society is of utmost importance. However, in recent years, the Government and Reserve Bank of India has been pushing the concept and idea of financial inclusion. As income levels and consequently, savings in the rural areas increase, it is essential to help them to manage their funds and facilitate their financial services. Allowing people to create simple, no-frills current and savings accounts, relaxing KYC norms and directly crediting social benefits to account owners will bolster an inclusive approach to finance & banking in rural areas. The present study attempts to gather the perception of rural households on the concept of financial inclusion and to examine the extent of financial inclusion in terms of access and usage of bank accounts. The paper analyses the level of interest in financial services, the level of satisfaction on the services offered and level of expectation of respondents towards financial inclusion. The study found that there is no significant association, between socio- economic factors of the respondents and the level of satisfaction towards financial services.