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Project report on financial inclusion

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Financial inclusion  an overview
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Project report on financial inclusion

  1. 1. PROJECT REPORT ON FINANCIAL INCLUSION SUBMITTED TO – SANGEETA MA’AM SUMITTED BY – ABHISHEK VERMA(13/0098) EKTA KHETAN(13/0065)
  2. 2.  Financial inclusion or inclusive financing is the delivery of financial services at affordable cost to sections of disadvantaged and low-income segments of society, in contrast to financial exclusion where those services are not available or affordable.  An estimated 2 billion working age adults globally have no access to the type of financial services delivered by the regulated financial institutions.
  3. 3.  Creating a platform for inculcating the habit to save money.  Providing formals credit avenues.  Plug gaps and leaks in public subsidies and welfare programmers.
  4. 4.  Khan Committee  Setup by RBI in 2004.  Exhorted banks to make available ‘no frills a/c’.  Rangarajan Committee  Inability to provide collateral security.  Weak community network.  Nachiketmor Committee  Setup by RBI in 2003.  Under chairmanship of Nachiketmor, an RBI board member.
  5. 5.  Population of Delhi consist of big group of migrants, labour coming from other parts of country in search of employment, education and other purposes.  This group being financially weak due to low literacy. Low income, generally do not have access to the financial services.  In order to access the level of financial inclusion in New Delhi, a survey was conducted in area of Govindpuri, Kalkaji, CR park through a questionnaire. Target groups were labourers, small shopkeepers, vendors.
  6. 6. OBJECTIVE To assess the impact of policy initiatives on financial inclusion in Delhi. SURVEY BRIEF Survey sample size – 40 Area – Govindpuri, Kalkaji, Deshbandhu College Canteen. METHODOLOGY 40 people were randomly surveyed regarding financial inclusion through a well constructed questionnaire.
  7. 7. 1) Do you have a bank a/c? 2) No. of accounts in your household? 3) Which type of account do you have? 4) For what purposes you use your account? 5) What are the reasons that your household opened the account? 6) Who helped you opened the account? 7) How frequently do you save in your account? 8) How much do you save? 9) Reasons for refusing a bank account? 10) Have your household borrowed or take a loan?
  8. 8. 1) Are you aware of the thing that a bank account can be opened by anyone with zero account? 2) How did you find that banks were opening such “no frills” account? 3) Do you have any grievances in your “no frills” account? 4) If borrowed, what was the type of credit/loan? 5) Are you using any type of financial services or products? 6) Have you purchased any insurance scheme? 7) Do you know about banking credit?
  9. 9. 1) Over the past couple of years, have you been anywhere for taking advice about money matters? 2) Have you ever approached a bank for credit need? 3) What would you do if you needed money in emergency?
  10. 10. Single member 2% 3 m 12% 4 m 10% 5 m 17% 6 m 13% 7 m 13% 8 m 8% 9 m 10% 10 or more members 15% When asked about their family members they have in their family
  11. 11. 70% 30% Q-1 Do you have a bank a/c? Yes No
  12. 12. 80% 6% 0% 14% Q-3 Which type of account do you have? saving a/c current a/c fixed a/c others
  13. 13. 82% 9% 3% 6% Q-4 For what purpose you uses you’re a/c? Depositing and withdrawing money Making and receiving payments To become eligible for other services Both depositing and making payments
  14. 14. 3% 0% 57% 9% 31% Q-5 What are the reasons that your household opened the account? To receive Govt. payments To request a loan For saving money For receiving remittances others
  15. 15. 5% 14% 28%42% 11% Q-6 Who helped you opened the a/c? Village panchayat official Neighbor Bank officials Friends/Relatives Others
  16. 16. 9% 29% 0% 41% 21% Q-7 How frequently do you save in your a/c? Don't save/Never Atleast once in a month Less than once in a month I put in money as andwhen I can Others
  17. 17. 17% 74% 6% 3% Q-8 How much do you save? (in%) No savings 10%-20% 20-30 30 or more
  18. 18. 67% 33% Q-10 Are you aware about zero balances a/c? Yes NO
  19. 19. 18% 19% 59% 0% 4% 0% Q-11 How did you find that banks were opening such "NO FRILLS" a/c? Bank officials Neighbors Newspapers/Advt. NGO Village Panchayat Posters
  20. 20. 40% 35.00% 15% 2% 8% 60% Q-13 Have your household borrowed or take a loan? NO Bank Relative Friends Moneylenders
  21. 21. 13% 29% 8% 4% 33% 13% 46% Q-14 If borrowed, what was the type of credit/loan? Housing loan Business loan Vehicle loan Education loan Household items Day to day expenses
  22. 22. 57% 8% 35% 43% Q-15 Are you using any other form of financial services or products? No Credit card Debit card
  23. 23. 57% 7% 3% 10% 3% 20% Q-20 What would you do if you needed money in emergency Ask a family or friend Take out loan form sources Sell something Don't know Take out a bank loan Draw on savings
  24. 24.  Steps taken towards bringing lower income groups to the banking system has been successful to a significant extent, as the main causes observed earlier like lack of knowledge about banking schemes and policies.  While doing survey it was found that people are voluntarily excluding themselves from banking system, most of them do not have bank accounts.  The reasons behind not approaching banks are mainly the minimum balances which have been taken care by No Frills Bank Account but most of the respondent was not aware about this type of account. Hence it needs to be advertised.  It was found that people prefer to borrow from personal sources when the purpose is personal or consumption. Where the amount to be borrowed is generally small, the people found to be hesitated to approach banks, whereas for other productive purposes they borrow from bank.  In other words, it may be said as per the study conducted in Govindpuri, Kalkaji Area. Despite the thrust given to financial inclusion, the desired results have not come up.

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