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Fin Inclusion Final

Fin Inclusion Final

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Published by harikul
A study on financial inclusion among the urban poor in Thiruvananthapuram
A study on financial inclusion among the urban poor in Thiruvananthapuram

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Categories:Types, School Work
Published by: harikul on Aug 11, 2008
Copyright:Attribution Non-commercial

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01/09/2013

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FINANCIAL INCLUSIONIN URBAN AREAS
 A Project Report on Financial Inclusion in the city of Thiruvananthapuram as a part of thefulfilment of Young Scholar Award given under the patronage of the Reserve Bank of India
A Project Report by:
Panicker Harishanker 3
rd
year Integrated M.A. StudentIIT Madras, Chennai
Under the guidance of:
Shri V.L. George,Manager,Rural Planning and Credit DepartmentReserve Bank of India, Thiruvananthapuram
Submitted to:
The Reserve Bank of India
 
TABLE OF CONTENTS
 
INTRODUCTION
The World is moving at an amazing pace. Thanks to the advances intechnologies, distances have become meaningless. Globalization has enabledthe rise of global trade leading to wealth generation in developed as well asdeveloping countries. Wealth can be created in any part of the world with a single
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click of the mouse. Developing nations, like India have immensely benefited fromthe globalizing economy. Wealth has been pouring into the country asinvestments (both direct and institutional). Wealth has been also generated byIndian companies from global trade. This has directly affected the lives of manycitizens in our country. For many, there has been a dramatic increase in thedisposable income. The savings, consumption and investment patterns havechanged in the past few years. This has meant that there has been an increase indemand for many financial services from different financial firms.The market has responded to the soaring demand with making attractive offersand services for the customers at affordable rates. The liberalization of theeconomy in the 1990s has brought in new players into the field. This has not onlybrought in some much needed fresh air to the stagnant financial sector but alsocompetition for the same market space which was relatively unknown in thefinancial sector till then. Since then, there have been progressive reforms in thefinancial sector allowing for better and easier facilities and options to theconsumer. An increasing financially aware middle class have realized theimportance of financial services. Banks have streamlined and rationalizedthemselves to meet up with the changing demands of the people. Banks havebecome partners in growth for many offering them a safer and secure future.However, not all the reforms in the financial services sector have still been able tobring in the other half of India’s population who are un-banked. There are manyreasons that are obvious for this kind of financial exclusion. The new surge in theeconomy has not yet percolated into the lower strata of the society. It is easy toblame the capitalist growth for this sort of income disparities; however, theinefficiencies and the inadequacies of the government and its policies are equallyat fault for lack of reduction in poverty. Even after 60 years of Indianindependence, 1/3 of our population is still illiterate (let alone financially literate)and at least 26% of the population still lives under the poverty line. There aremany statistics, which goes on to prove that for even a developing nation Indiahas a long way to go.
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