A Project Report on Financial Inclusion

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TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION TO THE STUDY 1.1. INTRODUCTION 1.2. SIGNIFICANCE: 1.3. OBJECTIVES AND PROBLEM STATEMENT CHAPTER 2: DETAILED SURVEY OF LITERATURE 2.1. THE FINANCIAL INCLUSION IMPERATIVE 2.1.1. DEFINING AND MEASURING FINANCIAL INCLUSION 2.1.2. UNDERSTANDING THE CONSUMER 2.2. FINANCIAL INCLUSION: FROM OBLIGATION TO OPPORTUNITY 2.2.1. ROLE OF FINANCIAL INSTITUTIONS 2.2.2. ROLE OF REGULATORY AND PUBLIC POLICY AGENCIES 2.2.3. ROLE OF GOVERNMENT AGENCIES 2.2.4. ROLE OF INFORMATION TECHNOLOGY 2.2.5. ROLE OF INTER-SECTOR COLLABORATION 2.3. KEY NATIONAL FINANCIAL INCLUSION INITIATIVES 2.3.1. INITIATIVES FOR PROMOTING F.I.–PRE 2005 2.3.2. INITIATIVES FOR PROMOTING F.I.–2005 ONWARDS 2.3.3. NEW INITIATIVES: TO BE COMPLETED BY 2012 (SWABHIMAAN) 2.4. BUDGET 2011-12 / MISSION STATEMENT 2.5. FINANCIAL INCLUSION BY EXTENSION OF BANKING SERVICES - USE OF BUSINESS FACILITATORS AND CORRESPONDENTS 2.5.1. BUSINESS FACILITATOR MODEL: ELIGIBLE ENTITIES AND SCOPE OF ACTIVITIES 2.5.2. BUSINESS CORRESPONDENT MODEL 2.5.3. PAYMENT OF COMMISSION/ FEES FOR ENGAGEMENT OF BFS/BCS 2.5.4. OTHER TERMS AND CONDITIONS FOR ENGAGEMENT OF BFS /BCS 2.5.5. REDRESSAL OF GRIEVANCES IN REGARD TO SERVICES RENDERED BY BFS 2.5.6. CHALLENGES OF THE CURRENT OPERATIONAL MODELS CHAPTER 3: RESEARCH METHODOLOGY CHAPTER 4: DATA ANALYSIS AND INTERPRETATION 4.1. FINANCIAL INCLUSION- KEY MACROECONOMIC INDICATORS 4.2. INITIATIVES TAKEN BY PUBLIC AND PRIVATE SECTOR BANKS 44 45 46 46 46 47 49 51 51 58 44 3 3 3 4 5 5 6 8 12 13 16 20 22 25 27 28 34 42 43

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FINANCIAL INCLUSION & ITS IMPACT ON INDIAN ECONOMIC GROWTH

4.2.1. SBI - BANKING FOR INDIA 4.2.2. HDFC BANK (FUTURE PERSPECTIVE) 4.2.3. ICICI BANK 4.2.4. ING VYSYA BANK 4.2.5. CANARA BANK 4.3. RESULTS OF THE SURVEY CHAPTER 5: CONCLUSIONS AND RECOMMENDATIONS 5.1. THE GAPS REMAIN 5.2. RECOMMENDATIONS BIBLOGRAPHY APPENDICES QUESTIONNAIRE FOR INDIVIDUALS QUESTIONNAIRE FOR BANK OFFICIALS

58 61 63 65 66 68 77 78 79 83 84 84 87

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FINANCIAL INCLUSION & ITS IMPACT ON INDIAN ECONOMIC GROWTH

Chapter 1: Introduction to the study
1.1. Introduction
The study has been conducted to analyse the macro economic impact of financial inclusion policies and practices on Indian economy. The year 2010 started on a positive note for Indian economy with major macroeconomic parameters performing well. Indian economy is recovering fast from the global financial crisis on account of its strong banking system, rising industrial output, improving exports, increased consumer spending and performing stock markets. Industrial growth continued to be in the positive zone and exports, which had been contracting for 13 months in a row, have finally turned around with an impressive growth in November 2009. The Reserve Bank of India (RBI) has already set banks a stiff goal: All households in villages with more than 2,000 inhabitants should have bank accounts by March 2012. Despite making significant improvements in all the areas relating to financial viability, profitability and competitiveness, there are concerns that Indian banks have not been able to include vast segment of the population, especially the underprivileged sections of the society, into the fold of basic banking services. The first-ever Index of Financial Inclusion to find out the extent of reach of banking services among 100 countries, India has been ranked 50. More than 40 % of Indian individuals don‟t have access to or received banking services. Reducing the adverse consequences of such exclusion, and bringing the maximum number of people under the financial system is the key concern of financial institutions throughout the world.

1.2. Significance:
Though, India being the second most developing economy in the world, the benefits of its banking services are not reaped by a larger mass of people. For achieving long term sustainable growth there should be a balance between the rural and urban economic growth. “Financial inclusion” (FI) plays an important...
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