Chapter4

 Research Questionnaire
 Summarize of the content
 Brief action plan
 Subjective statement
 Supporting data
Research Questionnaire:
 
SURVEY ON FINANCIAL INCLUSION (QUESTIONNAIRE).
Place of Survey: _______________ Date: _____ __ Name: ______________________ Age: ______ ___
____ Gender: M/F Occupation: ____ __________  No. of family members: ___ adults ___ children
A. SAVINGS:1. Is your household having a one bank account?
Yes No
 
2. No. of accounts in your household:
1 2 3 4 More than 4
    
3. Which type of account do you have?
Savings Bank a/c Current a/c
 
Recurring Deposit a/c Fixed Deposit a/c
 
If others, (please specify) ___________________________ 

4. Is the bank account with a cheque book?
Yes No
 
5. What were the reasons that your household opened the account?
To receive Govt. payments from NREGP

To receive Govt. payments from schemes other than NREGP

For receiving remittances

For saving money

To request a loan

If others, (please specify) ___________________________ 

6. Who helped you open the account?
Village Panchayat Officials Bank Officials
 
Neighbor Friends/Relatives
 
If others, (please specify) ___________________________ 

7. How frequently do you save in your account?
don’t save / never 

At least once a month

than once a month

I put in money as and when I can

I have paid money in but not in past 12 months

I have not added money since account was opened

If others, (please specify) __________________________ 

2
8. Reasons for not having a bank account:
I have no money/little money to put in

No bank in this area

No point - benefits received in cash

No point - paid in cash

Concerned there may be too many charges

Tried to open but was refused

Lengthy processes

Not important to me

Anticipated rejection

If others, (please specify) _____________________________ 

9. Reasons for being refused a bank account:
No ID

Previous bad credit history

No job, unemployed

Had to have a minimum amount

Had debts

Thought I was not trustworthy

Not lived here long enough - no credit history - use spouse's account

Don't know - did not say

If others, (please specify) ___________________________ 

10. Are you aware that banks are opening zero min. balance accounts for everyone?
Yes No
 
11. How did you find out that banks were opening such ‘no-frills’ accounts?
Bank Officials SHG Members NGOs Neighbors
     
   
Village Panchayat Farmer Clubs Posters Village Meetings
     
   
Newspapers/Advertisements

If others, (please specify) ___________________________ 

12. Do you have any grievances in your ‘no-frills’ a/c?
No

If yes, please specify? _____________________________________ 

B. BORROWINGS:13. Have your household ever borrowed or taken a loan?
No

If yes, from where? Banks Relatives Friends
  
  
  

Moneylenders

If others, (please specify)

  _________________________ 
 
73
14. If borrowed from banks, which of the following reasons led to this choice?
Low rate of interest

Was offered/arranged by the banks

It is easy (vague)

Trustworthy lender 
u
If others, (please specify) ___________________________ 

15. If borrowed from sources other than banks, which of the following reasons ledto this
choice?
Being able to borrow relatively small sums

I did not need to provide security or guarantees

It was available locally

I can make repayments in cash in small weekly or fortnightly sums

It is convenient because they come to the door to collect

It is because I know the lender/collector 

If others, (please specify) ___________________________ 

16. If ever borrowed, what was the type of the credit/loan?
Housing loan

Business Loan

Training/Education loan

Vehicle loan

If personal loan, purpose of the loan Household items Computer 
  
Day to day living expenses or bills

To pay off other debts

If others,(please specify) ____________ 

  __ If others, (please specify) ________________________ 

17. If loan was availed, what difficulties were faced in the process?
 ______________________________________________________________________  ____
____ 
 
 ____ 
18. In the past three years, have you been refused a loan or credit?
Yes

No

Not asked for any credit

19. If you were refused, do you know why you were turned down? Please givedetails.
 ______________________________________________________________________  ____
__________________________________________________________________ 
Error! Filename not specified.
 
C. OTHER FINANCIAL SERVICES20. Are you using any other form of financial service or
product?
No

If yes, then which one: Insurance Credit card Debit card
  
  
  

If others, (please specify) ______________________ 

74
21. What were the reasons for not availing any form of insurance?
Too expensive, can't afford it

Just don't bother, no real reasons

No need for it

I don't have much, nothing valuable

I am in process of doing it

No insurance men coming to door now

Have to have bank account

If others, (please specify) ___________________________________ 

21. If already having insurance, which of the following type is it?
Life insurance Health insurance Vehicle insurance
  
If others, (please specify) ____________________________ 

22. Reason for using the above said financial service(s)?
 ______________________________________________________________________  ____
__________________________________________________________________ 
23. What difficulties were faced in the process of accessing the above financial service(s)?
 ______________________________________________________________________  ____
__________________________________________________________________ 
24. In the past three years, have you been refused any of the above financial product(s)?
Yes

No

Not asked for any credit

25. If you were refused, do you know why you were turned down? Please give details.
 ______________________________________________________________________  ____
__________________________________________________________________ 
26. Over the past couple of years, have you been anywhere for taking advice about money
matters?
No, no where Family/friends Bank
  
 
Financial Adviser Social worker Others
  
___________ __ 
27. And would you say this advice was
Very helpful Helpful Neither helpful nor unhelpful
  
Very unhelpful Not sure
 
28. Is there any financial advice centre/credit counseling center in your area?
Yes No
 
29. If yes, how satisfied are you with its working and the advice it provides?
Completely satisfied Satisfied Just ok
  
Unsatisfied Completely unsatisfied
 
30. If you are not satisfied with its working, then please give reasons.
 ______________________________________________________________________  ____
__________________________________________________________________ 75
31. At present how worried are you about getting into debt?
Very worried Fairly worried Not very worried
  
Not at all worried Not sure
 
32. What would you do if you needed money in an emergency?
Ask family or friends Take out a bank loan or overdraft
 
Take out loan from other sources Use my credit card
 
Sell something Draw on savings
 
Don't know

If others, (please specify) ___________________________________ 

33. Level of interest in local financial services (1.Very
interested 2.Fairlyinterested 3.Not very interested 4.Not at all interested 5.Not sure):
Saving small amounts of money 1 2 3 4 5
    
Take out a loan at reasonable interest 1 2 3 4 5
    
Taking a business loan 1 2 3 4 5
    
Advice about managing debts 1 2 3 4 5
    
 Advice on welfare benefits 1 2 3 4 5
    
More information about financial matters 1 2 3 4 5
    
34. Level of importance in the following (1. Very important 2. Fairly important 3.Not very
important 4. Not at all important 5. Not sure):
Bank a/c 1 2 3 4 5
    
Small personal loan 1 2 3 4 5
    
Credit card 1 2 3 4 5
    
Financial counseling 1 2 3 4 5
    
Investment advice 1 2 3 4 5
    
Financial education 1 2 3 4 5
    

SUMMERY OF FINDINGS , CONCLUSION AND

RECOMMENDATIONS

SUMMERY OF FINDINGS:
, the gender profile of the respondents is recorded. It can be seen that out of
the 50 customers interviewed for this survey, 72% were found to be male and
28% were found to be female. It can be seen that majority of the loan wishers
here are male as loan requirement for business purposes are more demanded
by mail people.
In the order to analyze the age buckets under which the customers that were
interviewed were falling, the age profile of the respondents was done and it
came out that around 60% of the respondents were falling under the age
criteria of 25-30 years making it the majority whereas 18% were under 20-25
years and rest were under 16% and 6% respectively. This shows that majority
of the customers are adult and have proper knowledge about the product that
they are going to buy.

An educated person makes wiser choices and is also aware about the market
scenarios. Here, to know the education level of the respondents, Table No. 6
showed the results depicting the level of qualification that respondents were
having. It was seen that 54% of the respondents were graduated and falls
under the majority section with 22% of the customers being higher secondary
passed. This shows that the majority of the customers are educated and have
good knowledge about market scenarios.

Table No. 6 clearly shows that majority of the respondent felt comfortable in
approaching the private banks like J&K Bank and HDFC Bank for the loan
purposes. It was seen that there were few people as well who did not prefer to
approach private banks in order to get the loan.

There are different type of loans that one can avail from the bank in order to
fulfil the desires and needs. Different loans like Car Loan, Shop Loan, Credit
Card Loan, Personal Loan and Home Loan. In Table No. 6 and Figure No. 6, the
respondents were told to give their responses regarding the type of loan for
which they are visiting the bank to get their loan disbursed. It was seen that
84% of the majority of people preferred to take Personal loan and around 16%
were there to take home loan.
In Table No. 6, the respondents were asked about the preferences of selecting
the bank that they feel is the best in terms of getting there desired loan. The
result revealed a super positive response that showed respondents were
strongly agree with the HDFC Bank Ltd. as their major bank and preferred bank
from which they will take loan. 34% were there as well who wanted to take
loan from J&K Bank Ltd.

Table No. 6 revealed the data regarding the statement in which the
respondents were asked about the situation like whether they feel
comfortable with loan disbursal process being adopted by J&K Bank Ltd.
In response to this statement, 56% of the respondents seems to be agreed
towards this statement and 42% were neutral as if they liked or they did not
liked and 2% were strongly agreed to this statement.

In Table and Figure No. 6, the respondents were asked about the statement
that whether they feel comfortable with the process that HDFC Bank Ltd. has
adopted for the disbursal of Loan. In reply to this, 84% of the majority
individuals said that they are agreed to this statement whereas 16% were
there as well who were strongly agreed.

The figure and table number 6 represented the data collected for the
statement in which the respondents were asked about their comfortable level
regarding the interest and processing fee being charged by J&K Bank. 72%
of the majority of the respondents were seen agreed to this statement
whereas 28% were strongly agreed.

Brand loyalty is very important factor in deciding which bank they will be
preferring to get their loan. Figure and table number 6 showed the interest of
the people with regard to the statement that are they comfortable with the
amount of interest and processing fees that the HDFC Bank is charging from
them. It has been seen that 96% of the customers were satisfied with this and
4% were strongly agreed to this statement as well.

Table and Figure number 6 showed the interest of the individual regarding the
fact that if the bank will have online facility for loan application and disbursal
policy. To this response, it was seen that majority of the individuals were
having neutral response to this. With 40% of the individual being agree to this.
This shows mixed response of the individual to the statement as some
individual are not seem interested to this thing.

In responses that we have catered from Table number 6 and figure 6, it has
been seen that majority of the respondents were comfortable with HDFC Bank
Ltd. for their loan disbursal and experience. The responses are shown in table
and graphs.

Conclusion:
By collating available information on the current markets for financial
services and their

use, with the expertise of professionals working in fields related to financial

inclusion, a

list can be compiled of the basic financial services that are needed to
participate fully

and equally in society.

The research undertaken has confirmed that access to financial services is
necessary

for citizens to participate fully in European society. Over the last four
decades, European citizens have seen a sharp increase in the use of
financial services in their daily lives.

This financial isation of society has dramatically changed the way people
receive their

income and spend their money. The importance of financial products has
grown to such

an extent that lack of access can create a real challenge for financially
excluded citizens

to be fully active and integrated in society.

Currently, the market for financial services offers products to a large range
of citizens.

However, the impact of financial exclusion on social inclusion has meant

that ensuring

all citizens are able to access services is now a political concern. This has
been acknowledged at European level through the European Pillar for
Social Rights under Principle 20

RECOMMENDATIONS:
How can these financial services overcome existing

barriers to access?

Basic financial services should be designed and distributed to

specifically tackle financial

exclusion. To achieve this objective, basic financial products

should ideally be designed,
marketed and sold in order to overcome the barriers faced by
excluded citizens, who are the

most at risk of financial exclusion. As part of the same research

project Finance Watch identified particular groups of citizens,
characteristics of groups and the barriers that they face to

being financially included.2

A key role for the minimum basket of basic financial services is to

increase access for

vulnerable groups by removing barriers to access.

The barriers identified fall into the following categories:

• Legal requirements for access: Certain groups of people, such as

migrants, are not

able to provide the documents required by law as proof of their

identity and place of

residence. This is a particular barrier to accessing a payment

account. Without it the

chances of exclusion are high.

• Financial requirements for access: Financial services are often

too expensive for low

income households or for those at risk of poverty. First, access to

financial services often has partly hidden costs, such as a phone or
internet connection. Second, the poor

and vulnerable often face higher costs of financial services as they

are perceived to carry

higher risk for providers.

• Lack of required skills or means: A lack of literacy can
disproportionately affect vulnerable groups. There are also
serious issues over the physical abilities needed to access

financial services: certain visual, hearing, physical or mental

abilities are considered

‘standard’ and access may not always be possible for those with
different abilities.

To ensure that each of the products and categories that have been
identified for the minimum basket of goods addresses these
barriers, a number of provisions can be used as a

guideline. The tables below outline these provisions and should be

used by policymakers

OFFER BRIEF ACTION PLAN :

Our purpose inspires us to explore all the ways we can

make our customers, our people and our communities

safer – and this extends to financial resilience and safety.

Access to insurance is important because it provides the

financial protection to help people recover when the

unexpected happens.

In putting together our plan, we considered what’s

important in making insurance accessible.

This is why our plan focuses on how we can better identify

and support people who may experience financial

exclusion due to culture, language, gender, disability or

other life circumstances.

We’re trying to simplify insurance by providing information in

different ways, such as in languages other than English or

by using technology, to ensure customers can access and

better understand our products and services.

Our plan also focuses on how we make sure that

customers are treated equitably and fairly.

We’re introducing a Customer Equity Framework to guide

how we identify and serve customers experiencing

vulnerability, such as mental or physical disabilities, or

family and domestic violence.

As a major employer, our plan considers how we can better

provide financial security to our people beyond just paying

salaries, and how we can provide employment opportunities

to people from diverse backgrounds and groups.

We’re building on the work we’ve already done to create

a flexible and inclusive workplace by adding new training

and support to help employees who may be experiencing

vulnerability, including mental health and domestic

violence. We know that this support can help people

continue to participate in the workforce and feel

supported along the way.

We’re also taking steps to remove bias from our recruitment

practices so that we have a more diverse talent pool that

better reflects our society.

Finally, it’s important our plan demonstrates our

commitment to the broader community.

Our plan includes initiatives to make communities safer

and more resilient. This includes detailed actions on how

we can work with a broader range of suppliers, including

social enterprises, female-owned, and Indigenous-owned

small businesses, to support the growth of these

businesses and the communities that they support.

We’ve already made many changes that we can be proud

of, but we know we can do more.

We have gained a deeper understanding of our business

and the impact we can have through a FIAP to realise

greater financial inclusion and financial resilience for our

customers, our people, suppliers and community