An Enquiry Into Financial Inclusion with Special Reference to Street Hawkers of Pollachi, Tamil Nadu
Author: B. Indirapriyadharshini
Publisher:
Published: 2016
Total Pages:
ISBN-13:
DOWNLOAD EBOOKNationalization of commercial banks in 1969 and subsequent developments led to financial inclusion by the banks. Despite the big expansion, the statistics on financial inclusion in India provide a very depressing picture. Out of over 600,000 rural habitations in the country, only about 30,000 or just 5% have a commercial bank branch. Just about 40% of the population across the country has bank accounts and this ratio is much lower in the northeastern part of the country. The proportion of people having any kind of life insurance cover is as low as 10%, and the proportion having non-life insurance is abysmally low at 0.6%. The basic objective of the notion of financial inclusion is to ensure formal banking facilities to the rural and unbanked households of the society and to see that they are self-confident and empowered. The present study analyzes the income level and banking habits of street hawkers in Pollachi, Tamil Nadu to find out whether the measures taken by the government and banks regarding inclusive growth have reached the street hawkers. The study underlines that the financial inclusion of vulnerable sections like street vendors is very much needed for real inclusive growth, as inclusive growth is only possible if there is active participation of the excluded section in the overall growth process.
