This document provides a project report on recent initiatives taken for banking the unbanked in Nagpur District, Maharashtra, India. The report was submitted to Rashtrasant Tukdoji Maharaj Nagpur University by Muhammad Mehdi for his MBA degree in financial management. The report includes an acknowledgement section thanking various individuals and organizations for their support and guidance. It also includes a declaration and certificate confirming the original work. The report consists of 7 chapters including introduction, objectives of the study, literature review, research methodology, data analysis, findings and conclusions, and suggestions. The introduction provides background on financial inclusion in India and Nagpur district. The objectives are to assess implementation of initiatives like Swabh
In order to access the level of financial inclusion in New Delhi, a survey was conducted in area of Govindpuri, Kalkaji, CR park (South Delhi) through a questionnaire.
In order to access the level of financial inclusion in New Delhi, a survey was conducted in area of Govindpuri, Kalkaji, CR park (South Delhi) through a questionnaire.
This project report has been prepared as per the requirement of the syllabus of
MBA course structure under which the students are the required to undertake
project.
It was a first hand experience for us as that we were exposed to the professional
set-up and were facing the market, which was really a great experience.
During project period, I had very touching experiences. When business is involved,
experiences counts a lot, as we know, experience are an instrument, which leads
towards success.
CHAPTER:-1
INTRODUCTION OF THE STUDY
The report contains the brief description of the state bank of India. It contains the finding and analysis of the survey conducted to gather primary data to judge the importance of various attributes that influence the satisfaction of customer in different manner and to the different extent. These attributes are classified as initial experience, service delivery experience, relationship experience and grievance handling. Further an attempt has been made to know the overall satisfaction of the customer.
Customer satisfaction, a term frequently used in marketing, is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals. Customer service proves to be one of the most important factors governing business.
OBJECTIVE OF THE STUDY:-
• TO find out the customer feedback i.e. improvement required or suggestion.
• To find out the relationship between bank and the customer.
• To study the Satisfaction of customers towards the ― state bank of India.
• To Identify the factors that influences the customer behavior of ―state bank of India.
• To identify the factors those influence the selection of SBI banking services in MUMBAI DISTRICT.
SCOPE OF THE STUDY:-
The present study was undertaken to know the preference of the customer towards state bank of India (SBI). The problem of the customer is they are not aware of the services provided by their bank. The study also force on the customer perception that how the banking services can be improved. In my study I have used both primary sources of data as well as secondary sources of data.
• The study has been conducted on behalf of ―STATE BANK OF INDIA.
• The study is confined to the Mumbai region.
• The study covers the service providers and users of ―STATE BANK OF INDIA.
• The study has put forward the Customers as well as acceptability behavior for the services.
• The scope of the study is to find out the ―Customer Satisfaction
Limitations of the Study:-
The study report consists of few limitations:-
• The report has been conducted within a limited time frame.
• The study is self financed.
• The study is limited to the customer of Mumbai only.
• Only selected Branches and Banks have been considered for the study.
• Samples were selected conveniently.
• The sample size does not represent the total population.
• The sample of size is limited to 30 only and the sample size may not represent whole market.
LITERATURE REVIEW:-
Financial Analysis of Axis Bank Services (MBA Finance)Avinash Labade
If any have Need Project Report please call +919011888598 and i will provide only Word File.
and
Project Cost is Rs 500/- Per Project
Send Me Payment Phone Pay or Google Pay
PROJECT REPORT ON MICRO FINANCE// FREE PROJECT REPORT|| MBA PROJECT REPORT|| MBA FINANCE FREE PROJECT REPORT ON MICRO FINANCE ||MBA PROJECT REPORT ON MICRO FINANCE || SMU MBA FINANCE 4RTH SEMESTER FREE PROJECT REPORT ON MICRO FINANCE|| HOW TO MAKE PROJECT ON MICRO FINANCE || FREE DOWNLOAD FULL PROJECT REPORT ON MICRO FINANCE
Final year project-Customer Awareness Towards SBI E Banking ServicesRahulsah65
This is a Final Year Project emphasizing on the Perspective, opinion and awareness of People and customers of SBI towards E banking facilities provided By Sbi in khonsa(Arunachal Pradesh)
Consumer behaviour towards co-op banks-project reportAtul Gurav
Research topic assigned to our group as a part of Marketing Research Project
was “Customer Behaviour towards Co-operative Banks”. The objective of our
study was to understand customer behaviour as well as to understand whether
they are aware about the services and facilities offered by the Co-operative
Banks. The survey we conducted was confined to Karjat area, we reffered to
Five Co-operative banks and our sample size was 80.
Methodology used was Primary as well Secondary data. Type of study we
implemented was Exploratory as well as descriptive study. As per the Research
findings, many of the Respondents prefer co-operative banks over Nationalised
banks due to higher interest rate on deposits, preference given to local and
friendly approach of the bank towards their customers.So this clearly proves our
hypothesis is true.
Various Suggestion are provided in the report like Bringing awareness in the
housewives as they drive the family, to start with the internet and mobile
banking facility, etc. There were even several limitations to our study we
conducted like Time constraints , area , respondents, language barrier, genuinity
of information, insecurity towards providing personal information like phone
number , name and address.
All about the Bajaj Finserv, BOD's, Loan Procedure, scope Of study, Need of study, Vision and Mission, Organisational structure, product, all about EMI card of Bajaj finserv, CBC
Outreach and efficiency of inclusive banking throughRAVICHANDIRANG
Financial inclusion is one of the means for overall economic development of a country.The
growth of the retail banking industry fosters financial inclusion by providing financial products and
services to people in the rural areas of the country. The nationalization of prominent commercial banks has improved
the banker customer relationship.The measures taken by the Reserve Bank of India and other regulatory bodies
have strengthened the banking industry and have raised the level of confidence in the minds of the public about the
banking sector.The banking history has undergone tremendous changes in the last few decades
This project report has been prepared as per the requirement of the syllabus of
MBA course structure under which the students are the required to undertake
project.
It was a first hand experience for us as that we were exposed to the professional
set-up and were facing the market, which was really a great experience.
During project period, I had very touching experiences. When business is involved,
experiences counts a lot, as we know, experience are an instrument, which leads
towards success.
CHAPTER:-1
INTRODUCTION OF THE STUDY
The report contains the brief description of the state bank of India. It contains the finding and analysis of the survey conducted to gather primary data to judge the importance of various attributes that influence the satisfaction of customer in different manner and to the different extent. These attributes are classified as initial experience, service delivery experience, relationship experience and grievance handling. Further an attempt has been made to know the overall satisfaction of the customer.
Customer satisfaction, a term frequently used in marketing, is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals. Customer service proves to be one of the most important factors governing business.
OBJECTIVE OF THE STUDY:-
• TO find out the customer feedback i.e. improvement required or suggestion.
• To find out the relationship between bank and the customer.
• To study the Satisfaction of customers towards the ― state bank of India.
• To Identify the factors that influences the customer behavior of ―state bank of India.
• To identify the factors those influence the selection of SBI banking services in MUMBAI DISTRICT.
SCOPE OF THE STUDY:-
The present study was undertaken to know the preference of the customer towards state bank of India (SBI). The problem of the customer is they are not aware of the services provided by their bank. The study also force on the customer perception that how the banking services can be improved. In my study I have used both primary sources of data as well as secondary sources of data.
• The study has been conducted on behalf of ―STATE BANK OF INDIA.
• The study is confined to the Mumbai region.
• The study covers the service providers and users of ―STATE BANK OF INDIA.
• The study has put forward the Customers as well as acceptability behavior for the services.
• The scope of the study is to find out the ―Customer Satisfaction
Limitations of the Study:-
The study report consists of few limitations:-
• The report has been conducted within a limited time frame.
• The study is self financed.
• The study is limited to the customer of Mumbai only.
• Only selected Branches and Banks have been considered for the study.
• Samples were selected conveniently.
• The sample size does not represent the total population.
• The sample of size is limited to 30 only and the sample size may not represent whole market.
LITERATURE REVIEW:-
Financial Analysis of Axis Bank Services (MBA Finance)Avinash Labade
If any have Need Project Report please call +919011888598 and i will provide only Word File.
and
Project Cost is Rs 500/- Per Project
Send Me Payment Phone Pay or Google Pay
PROJECT REPORT ON MICRO FINANCE// FREE PROJECT REPORT|| MBA PROJECT REPORT|| MBA FINANCE FREE PROJECT REPORT ON MICRO FINANCE ||MBA PROJECT REPORT ON MICRO FINANCE || SMU MBA FINANCE 4RTH SEMESTER FREE PROJECT REPORT ON MICRO FINANCE|| HOW TO MAKE PROJECT ON MICRO FINANCE || FREE DOWNLOAD FULL PROJECT REPORT ON MICRO FINANCE
Final year project-Customer Awareness Towards SBI E Banking ServicesRahulsah65
This is a Final Year Project emphasizing on the Perspective, opinion and awareness of People and customers of SBI towards E banking facilities provided By Sbi in khonsa(Arunachal Pradesh)
Consumer behaviour towards co-op banks-project reportAtul Gurav
Research topic assigned to our group as a part of Marketing Research Project
was “Customer Behaviour towards Co-operative Banks”. The objective of our
study was to understand customer behaviour as well as to understand whether
they are aware about the services and facilities offered by the Co-operative
Banks. The survey we conducted was confined to Karjat area, we reffered to
Five Co-operative banks and our sample size was 80.
Methodology used was Primary as well Secondary data. Type of study we
implemented was Exploratory as well as descriptive study. As per the Research
findings, many of the Respondents prefer co-operative banks over Nationalised
banks due to higher interest rate on deposits, preference given to local and
friendly approach of the bank towards their customers.So this clearly proves our
hypothesis is true.
Various Suggestion are provided in the report like Bringing awareness in the
housewives as they drive the family, to start with the internet and mobile
banking facility, etc. There were even several limitations to our study we
conducted like Time constraints , area , respondents, language barrier, genuinity
of information, insecurity towards providing personal information like phone
number , name and address.
All about the Bajaj Finserv, BOD's, Loan Procedure, scope Of study, Need of study, Vision and Mission, Organisational structure, product, all about EMI card of Bajaj finserv, CBC
Outreach and efficiency of inclusive banking throughRAVICHANDIRANG
Financial inclusion is one of the means for overall economic development of a country.The
growth of the retail banking industry fosters financial inclusion by providing financial products and
services to people in the rural areas of the country. The nationalization of prominent commercial banks has improved
the banker customer relationship.The measures taken by the Reserve Bank of India and other regulatory bodies
have strengthened the banking industry and have raised the level of confidence in the minds of the public about the
banking sector.The banking history has undergone tremendous changes in the last few decades
IMPLEMENTATION OF JAN DHAN YOJANA – CHALLENGES AND PROSPECTSIAEME Publication
The intent of this study is to present a clear picture about how the PMJDY is being
implemented in Andhra Pradesh and north coastal Andhra in particular so as to find
out the bottlenecks the program comes to face at the field level. While doing so the
potential threats to the implementation of PMJDY alongside the characteristics of
population in north coastal Andhra Pradesh are to be studied in detail. Indeed
PMJDY is a program scrupulously designed to help the poor and the backward get
their share from government without intervention of any middlemen aimed at the
financial inclusion of people at the lowest rung. According to Reserve bank of India,
Financial inclusion is the process of ensuring access to financial services and timely
and adequate credit availability to the vulnerable groups such as weaker sections and
low income group at affordable cost. Planning commission (2009) further explain it as
universal access to a wide range of financial services at a reasonable cost. C
Rangarajan (2009) defined financial exclusion as restricted access to financial
services to certain segment of economy which includes individuals or family belonging
to low income group who cannot access basic banking like bank accounts, credit.
Analysis of the Level of Financial Literacy and Financial Inclusion among Rur...iosrjce
Financial Literacy is the base and primary step for financial inclusion. It provides knowledge on
merits and demerits of financial products and services, based on that an individual can select the right product
which suits his/her needs. In the words of Shri Pranab Mukherjee, (2013) financial literacy refers “Financial
literacy and education plays a vital role in financial inclusion, inclusive growth and sustainable prosperity”. It
ensures that financial services are to be reached to weaker sections or unreached sections of the society. All the
initiatives should aim at achieving financial inclusion through financial literacy.
For improving awareness of financial literacy, several schemes were implemented by the Reserve Banking
of India, the Security and Exchange Board of India, Insurance Regulatory Development Authority, Pension
Fund Regulatory and Development Authority (PFRADA). These bodies are engaged in various financial
education programs in improving financial literacy thereby achieving financial inclusion. Various strategies
are also being implemented for the improvement of financial literacy in India. These include introducing
financial education in school curriculums especially government schools in rural areas, and financial-literacy
training programs set up by commercial banks in urban and semi-urban areas. Village adoption programs were
also established by educational institutions in rural areas. There is a strong concern for banks to arrange
regular campaign through media and road shows to spread awareness about financial inclusion and financial
literacy. The main objective of this study is to know the level of financial literacyamong rural households in
Krishna District, Andhra Pradesh and banking penetration in selected mandals.
Financial Inclusion in India – A Road Map towards Growth of Initiatives and A...iosrjce
Finance has become an essential part of an economy for development of the society as well as
economy of nation. For, this purpose a strong financial system is required in not only in under-developed
countries and developing countries but also developed countries for sustainable growth. Through Financial
inclusion we can achieve equitable and inclusive growth of the nation. Financial inclusion stands for delivery of
appropriate financial services at an affordable cost, on timely basis to vulnerable groups such as low income
groups and weaker section who lack access to even the most basic banking services. In this paper, the
researcher attempts to understand financial inclusion and its importance for overall development of society and
Nation’s economy. This study focuses on approaches adopted by various Indian banks towards achieving the
ultimate goal of financial inclusion for inclusive growth in India and analyses of past years progress and
achievements. The relevant data for this study has been collected with the help of from various Research
journals, Articles, reports of RBI, reports of NABARD and online resources
Banking Sector in Rural India - Challenges and OpportunitiesAkshay Panwar
This dissertation examines the situation of the Banking Sector in Rural India through studying the obstacles and bottlenecks that have caused underdevelopment of banking services and products in rural Indian areas. Contrary popular belief lack of capital to invest for improving banking is not only the reason why the sector is underdeveloped. Banking has been affected by challenges such as technology displacement and radical innovation of technology, vast demographic of India, lack of liquidity, lack of services understanding amongst customers, weak policies and the unwillingness of talented bank employees to work in rural India.
As a result, it is going to take time, investments, overall development of villages and introduction of innovative schemes and policies to change the state of banking in Rural India. There have been several research papers published and survey groups that have tried to explore Rural Banking but the market and economy keeps constantly changing alongside a
lot more about Rural Banking yet to be explored.
We took the above variables in account and developed a theoretical framework containing the dependent and independent variables along with the null and alternate hypotheses that had to be proved true or false depending upon the data collection.
We prepared two questionnaires targeted to Bankers and customers in Rural India to get perspectives and insights from the service providers and from users. Stratified sampling was
used to gather appropriate data.
The data collected was analysed using the SPSS software for which a set of analysis techniques were applied and the data was interpreted which helped in proving the corresponding null or alternate hypotheses true as per the requirement of the research.
Role Of Private Sector Banks In Financial Inclusion: A Case Study On West-BengalIJRES Journal
The banking industry has shown tremendous growth in volume and complexity during the last few decades, the main concern is that the banks have not been able to reach and bring vast segment of the society into the fold of basic banking sector. Financial inclusion, of late has become one of the major attentions in academic research, public policy, seminars in view of its important role in aiding economic development of the resource poor developing economies. RBI has also taken up different measures to improve the financial inclusiveness of the economy of the country. Rangarajan Committee (2008) on financial inclusion stated that “Financial inclusion may be defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost”. West-Bengal is one of the most dispersed state in terms of financial inclusion, where only North 24 Parganas and Kolkata showed high levels of inclusiveness (RBI Working Papers). This paper puts emphasis on the present scenario of financial inclusion in the state and outreach of private sector banks (member of SLBC, West-Bengal) in reaching out the different excluded section of the society.
The Report is based on the analysis of Foreign Exchange Operations AT DCB Bank. It involves the complete transaction process of Inward and Outward Remittance. The Documentation required for this purpose. These transactions are mainly involved for the individuals who are in the Export and Import Business.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
USDA Loans in California: A Comprehensive Overview.pptx
MBA Final Year Project on Financial Inclusion
1. PROJECT REPORT ON
“AN ASSESSMENT OF RECENT INITIATIVES TAKEN FOR
BANKING THE UNBANKED (NAGPUR DISTRICT)”
SUBMITTED TO
RASHTRASANT TUKDOJI MAHARAJ NAGPUR UNIVERSITY,
NAGPUR
FOR THE PARTIAL FULFILLMENT OF DEGREE OF
MASTER OF BUSINESS ADMINISTRATION
SPECIALIZATION
FINANCIAL MANAGEMENT
SUBMITTED BY
MUHAMMAD MEHDI
MBA (II Year)
2014-2015
UNDER THE GUIDANCE OF
PROF. SHIVAJI S. DHAWAD
CENTRAL INSTITUTE OF BUSINESS MANAGEMENT
RESEARCH AND DEVELOPMENT, PAWANBHOOMI, NAGPUR
2. 2
ACKNOWLEDGEMENT
It is true that I have taken efforts in this project. However, it would not
have been possible without the kind support and help of many individuals and
organizations. I would like to extend my sincere thanks to all of them.
I am highly indebted to "PROFESSOR M. I. RAHIM KHAYYAM"
and "PROFESSOR SHIVAJI S. DHAWAD" for their guidance and constant
supervision as well as for providing necessary information regarding the project
& also for their support in completing the project.
I would like to express my gratitude towards my parents & member of
"CENTRAL INSTITUTE OF BUSINESS MANAGEMENT RESEARCH
AND DEVELOPMENT COLLEGE, NAGPUR"for their kind co-operation
and encouragement which help me in completion of this project.
I would like to express my special gratitude and thanks to Lead Bank i.e.
"BANK OF INDIA" and Lead District Manager of the same for Financial
inclusion "MR. MOHAN B. MASHANKAR" for giving me such attention
and time.
My thanks and appreciations also go to my colleague in developing the
project and people who have willingly helped me out with their abilities
specially "DR. SUKHBIR KAUR", for suggesting such a wonderful topic and
helping throughout the project preparation.
Place: Nagpur MUHAMMAD MEHDI
Date: 30-03-2015 Name & Sign of Student
3. 3
DECLARATION
I, the undersigned (MUHAMMAD MEHDI) honestly declare that, this
Project Report entitled “AN ASSESSMENT OF RECENT INITIATIVES
TAKEN FOR BANKING THE UNBANKED (NAGPUR DISTRICT)” is a
genuine and bonafide project prepared by me in partial fulfilment of degree of
"MASTER OF BUSINESS ADMINISTRATION" of "RASHTRASANT
TUKDOJI MAHARAJ NAGPUR UNIVERSITY, NAGPUR".
The Project work is original and the conclusions drawn herein are based
on the data collected and analyzed by me.
To the best of my knowledge, the matter presented in this project has not
been submitted and awarded for any degree, diploma or membership either to
this or any other Institute or University.
Place: Nagpur MUHAMMAD MEHDI
Date: 30-03-2015 Name & Sign of Student
4. 4
CERTIFICATE
This is to certify that the project entitled, “AN ASSESSMENT OF
RECENT INITIATIVES TAKEN FOR BANKING THE UNBANKED
(NAGPUR DISTRICT)” submitted by "MUHAMMAD MEHDI GHULAM
HASNAIN" in partial fulfilment of the requirements for the award of
"MASTER OF BUSINESS ADMINISTRATION" in "FINANCIAL
MANAGEMENT" at the "CENTRAL INSTITUTE OF BUSINESS
MANAGEMENT RESEARCH AND DEVELOPMENT,
PAWANBHOOMI, NAGPUR" is an authentic work carried out by him under
my supervision and guidance.
To the best of my knowledge, the matter embodied in the project has not
been submitted to any other University / Institute for the award of any Degree or
Diploma.
Place: Nagpur
Date: 30-03-2015
Signatures: Guides
DR. AMISHI ARORA PROF. SHIVAJI S. DHAWAD
Director
CIBMRD College PROF. M. I. RAHIM KHAYYAM
5. 5
INDEX
Chapter Particulars Page No.
List of Figures 06
List of Appendix 06
Acronyms Used 07
01. Introduction
Financial Inclusion
Facts & Figures (India & Nagpur)
Brief about Initiatives
08
02. About Study
Objectives of the Study
Limitations of the Study
Importance of the Study
15
03. Review of Literature 17
04. Research Methodology
Data Collection (Primary & Secondary Method)
Sample Size & Selection
Sample Area (Nagpur District)
Sample Period
Assessment Indicators/ tools
20
05. Data Presentation, Interpretation & Analysis
Banking Scenario of Nagpur District
Branch Penetration in Nagpur District
Swabhimaan (Targeted & Implemented)
Extended Swabhimaan (Targeted & Implemented)
PMJDY (Targeted & Implemented)
Coverage under different initiatives
25
06. Findings & Conclusion 36
07. Suggestions 39
Bibliography 41
Appendix 43
6. 6
List of Figures
Sr. No Particulars
1 Definition of Financial Inclusion
2 Nagpur District in CRISIL Inclusix
3 Financial Inclusion Initiatives
4 Brief Description of financial Inclusion Initiatives
5 List of Banks operating in Nagpur District
6 Nagpur at a Glance
7 Bank Branches in Nagpur District
8 Shares of Different Banks
9 Facts regarding Nagpur District
10 Branch Penetration
11 Targeted Villages Population > 2000
12 Achieved Results Under Swabhimaan
13 Allotted villages under Extended Swabhimaan
14 Achieved Result under Extended Swabhimaan
15 Household under PMJDY Mission
16 Total Coverage Under Different Initiatives
17 Difference between Swabhimaan & PMJDY
List of Appendix
Sr. No. Particulars
1 Questionnaire to LDM
2 Swabhimaan Vision document
3 PMJDY Frequently Asked Questions
7. 7
List of Acronyms
Particulars
FI Financial Inclusion
GOI Government of India
RBI Reserve Bank of India
PMJDY Pradhan Mnatri Jan Dhan Yojana
Popul. Population
LDM Lead District Manager
BC Business Correspondent
BF Business Facilitator
PSB Public Sector Banks
Pvt. Private Sector Banks
COOP Co-Operative Banks
RRB Regional Rural Banks
BA Business Associate
BOI Bank of India
SBI State Bank of India
BOM Bank of Maharashtra
SLBC State Level Banker's Committee
LB Lead Bank
Nagpur (R) Nagpur (Rural)
Nagpur (U) Nagpur (Urban)
CBI Central Bank of India
IP India Post
KYC Know your Customer
E- Banking Electronic Banking
9. 9
Introduction:
Finance is very essential for every economic activity. Without adequate finance no
activity can be undertaken. Finance is also required by the every section of the society. But
from the beginning of the civilization, only the financial needs of the upper section of the
society were catered. Access to finance by the poor and weaker groups is very difficult. This
is due to the various reasons such as lack of banking facilities for this section, unawareness
about the schemes available for them, lack of a regular or substantial income etc. Moreover,
banks also give more importance to meeting their financial targets. So they focus on larger
accounts. It is not profitable for banks to provide small loans and make a profit. Hence, the
need for financial inclusion is felt.
In regards with this need, the concept of Financial Inclusion is not a new one and it
has become a catchphrase now and has attracted the global attention in the recent past. Lack
of accessible, affordable and appropriate financial services has always been a global problem.
It is estimated that about 2.9 billion people around the world do not have access to formal
sources of banking and financial services. In India a significant proportion of our 6,50,000
odd villages does not have a single bank branch to boast of, leaving swathes of the rural
population in financial exclusion. RBI has reported that the financial exclusion in India leads
to the loss of GDP to the extent of one per cent. (RBI, Working Paper Series (DEPR):
8/2011)
Financial Inclusion Defined
In simple terms, Financial Inclusion means ensuring that the poorest of poor, the most
disadvantaged sections of society, those living in the remotest corners of the country—all
these have free access to formal financial services, be they loans, deposits, payments,
insurance or pensions. And these services should be available at an affordable cost.
The Rangarajan Committee (2008) defines it as
"The process of ensuring access to financial services and timely and adequate credit,
where needed, by vulnerable groups such as weaker sections and low income groups at an
affordable cost". (Report of the Rangrajan Committee on Financial Inclusion)
10. 10
According to the Planning Commission (2009)
" Financial inclusion refers to universal access to a wide range of financial services at
a reasonable cost. These include not only banking products but also other financial services
such as insurance and equity products".
According to Chakraborty (2011)
"Financial inclusion is the process of ensuring access to appropriate financial products
and services needed by all sections of society including vulnerable groups such as weaker
sections and low income groups at an affordable cost in a fair and transparent manner by
mainstream institutional players".
Figure 01. Definition of Financial Inclusion
11. 11
As someone put it simply but beautifully, it is ensuring financial access to those at the
bottom of the pyramid, in the deepest of geographies, at the last mile stone, in the remotest of
the country’s corners, in the most unreachable of villages, across un-travelled roads and
across the most underprivileged of social segments.
Objectives of Financial Inclusion
1. Extending formal banking system among less privileged in urban and rural India.
2. Saving them from unorganized money markets and moneylenders.
3. Equipping them with the confidence to make informed financial decisions.
Facts & Figures
India is place of the largest unbanked population where, only 35 percent adults having
an account in financial institutions which shows that percentage of account penetration in
India just below rest of the developing world. About 50 percent of adults reports in Andhra
Pradesh and Delhi NCR and 40 percent in Gujarat, Kerala, and Maharashtra having a formal
account but Bihar, Orissa, and Rajasthan reports less than 30 percent account penetration.
As per data available from Census 2011, India is having population of around 1.22
billion and 65 per cent of adults across the country are excluded from the formal financial
system.
As per the report of World Bank, In India, only 35.2 percent adults above the age of
15 years have an account at formal financial institutions. 55 percent population has deposit
accounts and only 9 percent population have credit accounts with formal financial
institutions.
Reports show that there is one bank branch per 14,000 persons. Just 18 percent are
debit card holders and less than 2 percent are credit cards holders.
12. 12
In India, despite expansion of bank branches post reform period, the total branches of
commercial banks including RRB‟s and SCB‟s has still stood only 48000 in a country to
provide service to 6 lakh villages. So there is only one bank branch over the 12.5 villages.
As per CRISIL Inclusix Results, CRISIL Inclusix at an all-India level stood at a relatively
low level of 40.1 for 2011 (on a scale of 100). In 2011, the all-India index level did improve
marginally (from 37.6 for 2010), indicating progress on financial inclusion goals.
Nagpur District according to CRISIL Inclusix
Particulars 2009 2010 2011 2012
CRISIL Inclusix Scores
(in terms of Branch, Credit &
Accounts Penetration)
36.9 39.1 44.2 48.5
CRISIL Inclusix Rank
(Total 638 Districts)
213 216 195 178
Figure 02. Nagpur District in CRISIL Inclusix
Brief about Initiatives:
In India, various measures taken by banks, GOI and RBI for financial inclusion plan.
Following figure highlights financial inclusion approaches under various heads,
13. 13
Figure 03. Financial Inclusion Initiatives
To understand about the steps that are taken from Government of India and Reserve
Bank of India and various public and private sector banks, this figure will explain in brief
under different heads.
Initiatives Particulars
Government
Initiatives
Nationalization of Banks in 1969
Swabhimaan in 2010, then it was extended in 2012
Pradhan Mantri Jan Dhan Yojana at 28 August 2014
Various Schemes like National Rural Livelihood Mission,
National Urban Livelihood Mission
Changes in Approach (From Village covering to Household
Coverage)
14. 14
Regulator Led
Initiatives
Lead Bank Scheme in 1969
Simplification in KYC Norms (Various notifications last one is E-
KYC)
Simplification in Branch Authorization norms in 2012
AADHAR as proof of Identity and Address both
Bank Led
Initiatives
Business Correspondent Model
Individual and Not for Profit Organizations in 2006
SHG - Bank Linkage
Inclusion of For Profit Organizations in 2009
Micro Finance institutions - Bank Linkage
Inclusion of Non Banking Financial Companies in 2014
Decisions Regarding Radius ( to increase outreach)
Ultra Small Branches (USB) to remove deficiencies of BC/BFs
Product Led
Initiatives
No Frills Account in 2005
Kisan Credit Card (KCC) for Farmers
General Purpose Credit Cards (GCC) for Rural, Semi Urban and
Urban non Farmers in 2013
Basic Saving Bank Deposit Accounts in 2012
Insurance Facility (Under PMJDY)
Rupay Debit Card (Under PMJDY)
Overdraft Facility (Under PMJDY)
Technology
Based Initiatives
Mobile Banking in 2008
Web Kiosk
Direct Benefit Transfer in 2011
PAHEL in 2015
Initiatives Financial Stability and Development Council (FSDC) in 2008
Financial Literacy and Credit Council Centre (FLCC) in 2012
Figure 04. Brief Description of financial Inclusion Initiatives
16. 16
Objectives of the study
To find out the meaning of financial inclusion.
To highlight Central Government and Reserve bank of India’s initiatives to achieve
financial inclusion and its policy structure.
To explore financial inclusion scenario particularly in Nagpur District.
To assess the level of implementation in Nagpur District of recent initiatives
(Swabhimaan and PMJDY).
To study various challenges faced by banks in implementing financial inclusion
Limitation of the study
The study will be limited to Nagpur District only.
The study will be conducted for a limited time frame.
The result of the study will depend totally on information collected through survey,
from the lead bank manager and different banks.
In spite of these limitations, an honest attempt has been made to arrive at fairly objective
conclusions.
Importance of the Study
With the progress of the Indian economy, especially when the focus is on the
achievement of sustainable development, there must be an attempt to include maximum
number of participation from all the sections of the society thus assessing those initiatives
which are taken in this regard also important.
The concept of examining financial access became important immediately after the
All-India Rural Credit Survey that was completed in the 1950s. The results of the survey
revealed that farmers relied heavily on money-lenders in the year 1951-52. and that patterns
continues till now.
18. 18
Review of Literature
"Financial Inclusion in India – A Review of Initiatives and Achievements" by
Sonu Garg and Dr. Parul Agarwal which was published in IOSR Journal of Business and
Management (IOSR-JBM), Volume 16, Issue 6. Ver. I (Jun. 2014), PP 52-61.
In this paper, the researcher attempts to understand financial inclusion and its
importance for overall development of society and Nation’s economy. And this study also
focuses on approaches adopted by various Indian banks towards achieving the ultimate goal
of financial inclusion for inclusive growth in India.
“Financial Inclusion And Banks – Issues And Perspectives” is an Address by Dr.
K C Chakrabarty, (Deputy Governor of the Reserve Bank of India), at The Federation of
Indian Chambers of Commerce & Industry (FICCI) Seminar.
The paper states the policy measures of financial inclusion by Reserve Bank of India
and its effectiveness throughout the years. It also states about the challenges which are going
to face in the near future by banks.
"Measuring Financial Inclusion: Explaining Variation in Use of Financial
Services across and within Countries "by Asli Demirguc-kunt and Leora Klapper in Findex
notes ; no. 8., The World Bank,2013,1-6.
This paper summarizes the first publicly available, user-side data set of indicators that
measure how adults in 148 countries save, borrow, make payments, and manage risk. It uses
the data to benchmark financial inclusion in countries around the world, and to investigate the
significant country- and individual-level variation in how adults use formal and informal
financial systems to manage their day-to-day finances and plan for the future.
"Role of Banks In promoting Financial Inclusion In India" by Shahana Khan
which was published in ASM's International E-Journal of Ongoing Research in Management
and IT.
This paper examines the level of financial inclusion achieved by banks in India in
India. It is found that in spite of various efforts by the government financial inclusion has still
remained a distant reality.
19. 19
"CRISIL Inclusix" an initiative developed by CRISIL with support from Ministry of
Finance, Government of India and Reserve Bank of India published at June 2013.
It is an index to measure India's progress on Financial Inclusion. CRISIL Inclusix is
India’s first comprehensive measure of financial inclusion in the form of an index. It is a
relative index that has a scale of 0 to 100, and combines three very critical parameters of
basic banking services
Branch Penetration (BP),
Deposit Penetration (DP),
Credit Penetration (CP) together into one single metric.
CRISIL evaluates financial inclusion at the national, state, district level vis-à-vis a
defined ideal. A CRISIL Inclusix score of 100 indicates the ideal state for each of the three
parameters.
21. 21
Sample Size & Selection
All the banks (Public, Private and Regional) which are responsible for the
implementation of Swabhimaan and Pradhan Mantri Jan Dhan Yojana (PMJDY) in Nagpur
District, (22 PSBs and 7 Pvt. and 3 RRB) as allotted by SLBC Maharashtra and they are:
Public Sector Banks
1 Allahabad Bank
2 Andhra Bank
3 Bank of Baroda
4 Bank of India
5 Bank of Maharashtra
6 Canara Bank
7 Central Bank of India
8 Corporation Bank
9 Dena Bank
10 IDBI Bank
11 Indian Bank
12 Indian Overseas Bank
13 Oriental Bank of Commerce
14 Punjab & Sind Bank
15 Punjab National Bank
16 State Bank of Hyderabad
17 State Bank of India
18 Syndicate Bank
19 UCO Bank
20 Union Bank of India
21 United Bank of India
22 Vijaya Bank
Private Sector Banks
1 Axis Bank
2 Federal Bank
3 HDFC Bank
22. 22
4 ICICI Bank
5 ING Vysya Bank
6 Karnataka Bank Ltd.
7 Ratnakar Bank
Regional Rural Banks
1 Maharashtra Gramin Bank
2 Vidarbha Kshetriya Gramin Bank
3 Wainganga Krishna Gramin Bank
Figure 05. List of Banks operating in Nagpur District
Sample Period
1. Till 31th March 2011 ( Before implementation of Swabhimaan)
2. From April 2011 to March 2012 (Under Swabhimaan period).
3. From April 2012 to 27th August 2014 (Under Extended Swabhimaan period)
4. From 28th August 2014 to 26th January 2015 (Under PMJDY Period).
Assessment Tools
All analysis is done by using basic mathematical terminologies.
23. 23
Sample Area (Nagpur District)
Nagpur district is one of the nine districts of Vidarbha Region of Maharashtra State. It
is situated on the eastern part of the State. It is bounded by Wardha and Amravati districts in
the west, Bhandara district in the east and Chandrapur district in the south. The district
headquarters is located at Nagpur Town
Geographical Area: 9897 Sq. Km.
Total Population: 46,53,171 (As per Census 2011)
Administrative Divisions: 14
Total Villages: 1658
Nagpur at a Glance:
Name of Tahsils No. of Villages No. of Households Sum of Population
Bhiwapur 109 19990 81519
Hingna 133 58928 242198
Kalameshwar 100 28573 122363
Kamptee 78 50307 238870
Katol 164 37710 163808
Kuhi 151 28791 123977
Mauda 119 31730 139776
Nagpur (Rural) 146 70781 302195
Nagpur (Urban) 1 527634 2405665
Narkhed 130 34398 147907
Parseoni 110 30605 143019
Ramtek 147 35249 158643
Savner 130 51327 229450
Umred 140 35521 154180
Grand Total 1658 1041544 4653570
Figure 06. Nagpur at a Glance
24. 24
Data Collection
Primary Method
District Lead Banks (Bank of India) for overall allotted villages or households, It's
implementation level through all banks (PSU, RRB and Co-operative societies)
State SLBC Convener (Bank of Maharashtra)
Lead District Manager and Business Associates of lead bank to find out challenges
faced while achieving the target.
Secondary Method
Websites
Global Findex of World Bank
Ministry of Finance ( Department of Financial Services)
Reserve Bank of India
Pradhan Mantri Jan Dhan Yojana
Bank of Maharashtra (SLBC Convener)
Bank of India ( Lead Bank)
Nagpur District Collector Office
Research Papers
Journals
26. 26
1) Nagpur Banking Scenario:
Bank Branches In Nagpur District
Public Sector Banks 383
Pvt. Sector Banks 46
Regional Rural Banks 9
Co-Operative Banks 86
Grand Total 524
Figure 07. Bank Branches in Nagpur District
Figure 08. Shares of Different Banks
27. 27
Data Interpretation
Public Sector Banks Have the Highest Share in Nagpur District Banking.
Only one RRB was allotted financial inclusion initiative in Nagpur District
The share of cooperative society bank is second highest after bublic sector banks in
Nagpur District.
2) Branch Penetration in Nagpur District
Nagpur District
Total Tahsil 14
Total Village 1,658
Total Population 46,53,171
Total Household 10,41,544
Total Area 9,897
Figure 09. Facts regarding Nagpur District
From the above data, we can calculate these which are describes in the following table.
Branch Penetration
Area Wise 19 Sq. Km per Branch
Tahsil Wise 37 per Tahsil
Population Wise 8,880 per Branch
Household Wise 1,988 per Branch
Village Wise 3 per Branch
Figure 10. Branch Penetration
28. 28
Data Interpretation:
In Nagpur District, there is only one branch to cover the 19 Sq. Km. Area.
In every Tahsil of Nagpur District, there is 37 Branches of Banks.
For three villages of villages of Nagpur District, there is only one branch.
On an average one branch is doing business of 1988 households.
3) Swabhimaan
Reserve Bank of India on the basis of recommendations of High Level Committee on
Lead Bank Scheme directed lead banks to draw a road map by March 2010 to provide
banking services through a banking outlet in every village having a population of over 2000,
and further stated that such banking services may not necessarily be through a brick and
mortar branch but can be provided through any of the various forms of ICT-based
models with the help of hand held machines, smart card & Business Correspondents, this
initiative is called Swabhimaan.
In Maharashtra State As per census 2001, there are 7312 villages in the state having
population above 2000, of which 4292 villages have been identified as unbanked in the state.
Out of which, in Nagpur District number of villages having population above 2000 was 127,
total 65 of them were banked so 62 villages were identified as unbanked villages. Following
table illustrate about these villages along with the population and to whom it is allotted
Targeted Villages Population > 2000
Sr. No. Block Village Bank Population
1 Bhiwapur Tas BOI 2011
2 Hingna Sawangi (devali) BOM 2172
3 Hingna Wagdara Allahabad bank 2603
4 Hingna Isasani UCO Bank 4033
5 Hingna Waddhamana BOI 4174
31. 31
Achieved Result:
Villages Population > 2000
Bank No. of Allotted Covered Villages (BR + BC) % of Coverage
Allahabad Bank 3 3 100%
Bank of Baroda 4 4 100%
Bank of India 20 20 100%
Bank of Maharashtra 4 4 100%
Central Bank of India 1 1 100%
Dena Bank 2 2 100%
IDBI Bank 1 1 100%
Indian Bank 1 1 100%
State Bank of India 17 17 100%
Syndicate Bank 4 4 100%
UCO Bank 5 5 100%
Grand Total 62 62 100%
Figure 12. Achieved Results Under Swabhimaan
Data Interpretation:
Out of 127 villages having above the population of 2000 (As per Census 2001), 65
Villages were already Banked before the initiation of Swabhimaan. In the span of one years
remaining 62 villages were equipped with financial access and services.
4) Extended Swabhimaan
From the success of Swabhimaan (the villages above 2000 population, government of
India decided to extend the initiative to villages below the population of 2000 as per 2001
Census. Details regarding that is illustrated in the following table.
32. 32
Villages < 2000 Population
Sr. No. Banks No. of Allotted Village
1 Allahabad Bank 47
2 Andhra Bank 2
3 Bank of Baroda 48
4 Bank of India 598
5 Bank of Maharashtra 165
6 Canara Bank 2
7 Central Bank of India 63
8 Dena Bank 42
9 IDBI Bank 28
10 Indian Bank 3
11 Punjab National Bank 40
12 State Bank of India 263
13 Syndicate Bank 11
14 UCO Bank 91
15 Union Bank of India 70
16 ICICI Bank 12
17 Vidarbha Konkan Gramin Bank 8
Total 1493
Figure 13. Allotted villages under Extended Swabhimaan
Achieved Result
Villages < 2000 Population
Banks No. of Allotted Village Achieved % of Achievement
Allahabad Bank 47 10 21.3%
Andhra Bank 2 2 100.0%
Bank of Baroda 48 48 100.0%
Bank of India 598 598 100.0%
33. 33
Bank of Maharashtra 165 19 11.5%
Canara Bank 2 2 100.0%
Central Bank of India 63 63 100.0%
Dena Bank 42 42 100.0%
IDBI Bank 28 28 100.0%
Indian Bank 3 3 100.0%
Punjab National Bank 40 40 100.0%
State Bank of India 263 263 100.0%
Syndicate Bank 11 11 100.0%
UCO Bank 91 91 100.0%
Union Bank of India 70 7 10.0%
ICICI Bank 12 10 83.3%
Vidarbha Konkan Gramin Bank 8 5 62.5%
Total 1493 1242 83.2%
Figure 14. Achieved Result under Extended Swabhimaan
Data Interpretation
In extended Swabhimaan, villages which are having the population between 1600 to
2000 were identified and targeted by the different banks as per allotment of SLBC
Maharashtra. In the extended Swabhimaan period, the target which is achieves is 83.2 %., it
means till now 251 villages are not having any model of reaching to the excluded people.
5) PMJDY
As per the estimation of Public Sector Banks (PSBs) including RRBs out of the 13.14
crore rural households which were allocated to them for coverage, about 7.22 crore
households have been covered (5.94 crore uncovered). It is estimated that 6 Crore households
in rural and 1.5 Crore in urban area needs to be covered. so for including the excluded people
34. 34
Prime Minister Narendra Modi with the help of Ministry of Finance, Department of Financial
Services and Reserve bank of India initiated a mission called Pradhan Mantri Jan Dhan
Yojana.
Following table illustrate the schme of financial inclusion in Nagpur Region through
PMJDY.
Household Under PMJDY
Name of Tahsils No. of Villages No. of Households
Bhiwapur 109 19990
Hingna 133 58928
Kalameshwar 100 28573
Kamptee 78 50307
Katol 164 37710
Kuhi 151 28791
Mauda 119 31730
Nagpur (Rural) 146 70781
Nagpur (Urban) 1 527634
Narkhed 130 34398
Parseoni 110 30605
Ramtek 147 35249
Savner 130 51327
Umred 140 35521
Grand Total 1658 1041544
Figure 15. Household under PMJDY Mission
Achieved Result:
According to PMJDY Progress report on the website, the coverage is 100% in Nagpur
District of Maharashtra State.
35. 35
6) Total Covered Villages:
Covered Villages
By Swabhimaan 127
By Extended Swabhimaan 1242
By PMJDY 316
Total Villages 1685
Figure 16. Total Coverage Under Different Initiatives
Data Interpretation:
It is observed that, though the PMJDY mission has completed the target of 100
percent achievement but in reality it has covered remaining 316 villages which was left after
Swabhimaan and Extended Swabhimaan initiatives. It may be said that most of the accounts
which are opened in PMJDY initiative already has its own account in banks.
It has been observed that the actual households which is covered under PMJDY
initiative cannot determined because the policy change of government. Earlier it was
covering of villages and it was successful at some extent but this mission was covering of
households and includes those households which are covered by earlier initiatives too.
37. 37
Findings:
There are a lot of Initiatives which are taken for banking the banked and some of them
are quite successful.
Out of 127 villages having above the population of 2000 (As per Census 2001), 65
Villages were already Banked before the initiation of Swabhimaan. In the span of two
years remaining 62 villages were equipped with financial access and services.
In extended Swabhimaan, the target which is achieves is 83.2 %., it means till now
251 villages are not having any model of reaching to the excluded people.
According to PMJDY Progress report on the website, the coverage is 100% in Nagpur
District of Maharashtra State.
PMJDY has covered only 316 villages to complete the financial inclusion
achievements.
Public Sector Banks Have the Highest Share in Nagpur District Banking.
The share of cooperative society bank is second highest after public sector banks in
Nagpur District.
Only one RRB was allotted financial inclusion initiative in Nagpur District.
The share of Private sector banks in promoting financial inclusion is less than public
and Co-operative banks.
There is only one branch to cover the 19 Sq. Km. Area of Nagpur District.
In every Tahsil of Nagpur District, there is 37 Branches of Banks.
For three villages of Nagpur District, there is only one branch of bank.
On an average one branch is doing business of 1988 households.
38. 38
Differences between Swabhimaan and PMJDY
Sr. No. Swabhimaan PMJDY
1 Villages with population greater than or
lessor than 2000 covered; thus limited
geographical coverage
Focus on household; Sub Service Area
(SSA) for coverage of the whole
country.
2 Only rural Both rural and urban
3 Bank Mitr (Business Correspondent)
was visiting on fixed days only
Fixed point Bank Mitr (Business
Correspondent) in each SSA comprising
of 1000-1500 households (3 to 4 villages
on an average) to visit other villages in
the SSA on fixed days
4 Focus on account opening and large
number of accounts remained dormant
Account opening to be integrated with
DBT, credit, insurance and pension
5 Inter-operability of accounts was not
there
Inter-operability through RuPay Debit
Card, AEPS etc.
6 Cumbersome KYC formalities Simplified KYC/e-KYC in place as per
RBI guidelines
7 No guidelines on the remuneration of
the Bank Mitr (Business
Correspondent). Banks went generally
with Corporate BCs who used to be
least expensive to them
Minimum remuneration of the Bank
Mitr (Business Correspondent) to be
5000/-( Fixed + Variable)
8 No brand visibility of the Programme &
Bank Mitr (Business Correspondent)
Brand visibility for the programme &
Bank Mitr (Business Correspondent)
proposed
9 Providing credit facilities was not
encouraged
OD limit after satisfactory operations /
credit history of 6 months
10 No grievance re-dressal mechanism Grievance redressal at SLBC level in
respective states
Figure 17. Difference between Swabhimaan & PMJDY
40. 40
Suggestion
Though the target of covering 100 percent is achieved, but problem is about the
dormancy of account. so there is need of those initiative which will helpful in keeping
operationlisation of accounts opened.
Still there are some scope of expansion in branches so it is suggested that share of
private sector banks can be expanded.
To increase the outreach of banks to the excluded people, there is need of certain
brick and mortar type models and that can be fulfilled by using post offices as a
counter for banks and also railway platform used as fixed location for providing
financial services. it means banks can tie-up with India Post to utilize their extensive
network by setting up small banking counters at each of their post offices, especially
rural branches. The government owned post offices have sufficient space in the post
offices to set up such a counter with a computer and printer, to be operated by a
commercial bank employee. With existing arrangements at the post offices, these can
be converted into extended banking counters.
Financial literacy needs to be given importance in schools education, and student
small saving programs, where bankers visit schools and collect small deposits, need to
be revived.
Methods of financial literacy need to be changed from distributing printed literature to
audio and visual media such as radio and TV programs, especially in local languages.
There is a need to have granular schemes, preferably different schemes for rural and
urban areas, different product for rural and urban citizen of Nagpur District. Further,
distinct schemes and products can be made on the basis of nature of employment of
different people and the village atmosphere.
As discussed with LDM of Nagpur District, it is suggested to increase of individual
village boy as BC or BF instead of Corporate business correspondent or facilitator.
The possibility of appointing house-wives as well as people with limited handicap as
BCs could also be considered as that might reduce the attrition rate and in increasing
the confidence level
42. 42
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2) Websites
Global Findex of World Bank: www.worldbank.org
Ministry of Finance ( Department of Financial Services): www.finmin.nic.in
Reserve Bank of India: www.rbi.org.in
Pradhan Mantri Jan Dhan Yojana: www.pmjdy.gov.in
Bank of Maharashtra (SLBC Convener): www.bankofmaharashtra.in
Bank of India ( Lead Bank): www.bankofindia.com
Nagpur District Collector Office: www.nagpur.nic.in