A study on the impact of financial inclusion on Self Help Group: a selective study in Karnataka

Dr. Jagannatha

A study on the impact of financial inclusion on Self Help Group: a selective study in Karnataka

Authors: Dr. Jagannatha

Unique Paper ID: 151556
Volume: 5
Issue: 6
PageNo: 393-397

Keywords: Rural Poor Unbanked population Financial Literacy Bank account Inclusion.

Abstract:
In India financial services are used only by a section of the population due to illiteracy and other reasons. The excluded regions are rural, poor regions and also those living in harsh climatic conditions where it is difficult to provide these financial services. The excluded population then has to rely on informal sector (moneylenders etc.) for availing finance that is usually at exorbitant rates. Hence, financial exclusion leads to non-accessibility, non-affordability and non-availability of financial products. Limited access to funds in an underdeveloped financial system restricts the availability of their own funds to individuals and also leads to high cost credit from informal sources such as moneylenders. Due to lack of access to a bank account and remittance facilities, the individual pays higher charges for basic financial transactions. Absence of bank account also leads to security threat and loss of interest by holding cash. All these impose real costs on individuals. Prolonged and persistent deprivation of banking services to a large segment of the population leads to a decline in investment and has the potential to fuel social tensions causing social exclusion. Financial inclusion is the availability of banking services at an affordable cost to disadvantaged and low-income groups. In India the basic concept of financial inclusion is having a saving or current account with any bank. In reality it includes loans, insurance services and much more. In advanced economies, Financial Inclusion is more about the knowledge of fair and transparent financial products and a focus on financial literacy. In emerging economies, it is a question of both access to financial products and knowledge about their fairness and transparency. Thus, financial inclusion is essential for accelerated economic growth of the country. Financial inclusion is an important step towards inclusive growth. It helps in the overall economic development of the underprivileged population. In India effective financial inclusion is needed for upliftment of the poor and disadvantaged people by providing them the modified financial products and services. The inclusion helps individuals to make daily payments reliably. It helps them to access

email to a friend

Cite This Article

ISSN: 2349-6002
Volume: 5
Issue: 6
PageNo: 393-397

A study on the impact of financial inclusion on Self Help Group: a selective study in Karnataka

Available:https://ijirt.org/Article?manuscript=151556

24 Aug, 2024

Integrated Watershed Management Programme: An ultimate tool for soil conservation

24 Aug, 2024

An Economic Analysis of Institutional Finance in Karnataka through Kisan Credit Cards

24 Aug, 2024

Swadeshi Movement in India and its impact on freedom struggle – A study

24 Aug, 2024

Recording the important milestones of Kannada as an administrative language and role of history in achieving it

24 Aug, 2024

A study on the rise and fall of Deccan region with special reference to Gulbarga

24 Aug, 2024

An evolution of structured economic planning in India: A retrospective study

21 Aug, 2024

A study on Human Rights and the Indian Constitution

20 Aug, 2024

RELEVANCE OF JAWAHARLAL NEHRU’S IDEAS IN THE ERA OF GLOBALIZATION

20 Aug, 2024

A STUDY ON THE RIGHT TO INFORMATION ACT-2005

27 Mar, 2023

THE ROLE OF UGC AND NAAC IN CONTINUOS EVALUATION OF QUALITY AND EXCELLENCE IN HIGHER EDUCATION INSTITUTIONS

Impact Factor
8.01 (Year 2024)

UGC Approved
Journal no 47859

Join Our IPN

IJIRT Partner Network

Submit your research paper and those of your network (friends, colleagues, or peers) through your IPN account, and receive 800 INR for each paper that gets published.

Join Now

Latest Publication

Recent Conferences

NCSEM 2024

National Conference on Sustainable Engineering and Management - 2024 Last Date: 15th March 2024

Submit inquiry