scholarly journals Micro Insurance as a Dimension for Financial Inclusion in India through Jansuraksha Scheme: An Empirical Analysis of Statistical Evidence

2016 ◽  
Vol 2 (12) ◽  
Author(s):  
Rajitha Ramachanran ◽  
Dr. Ps Anuradha
Keyword(s):  
Financial Services ◽  
Secondary Data ◽  
Financial Inclusion ◽  
Inclusive Growth ◽  
Allocation Of Resources ◽  
Poor Growth ◽  
The Poor ◽  
Poor Households ◽  
Micro Insurance ◽  
The Government

Christ University, India Abstract: - Inclusive growth entails comprehensive growth, shared growth, and pro-poor growth. It lessens the fast growth rate of poverty in a country and upsurges the participation of people into the development of the country. Inclusive growth infers an impartial allocation of resources with benefits incurred to every section of the society. But the allocation of resources must be focused on the intended short and long term benefits of the society. Micro insurance is considered as an important instrunment for inclusive growth. With the outset of the Pradhan Mantri Jan Dhan yojana when the government launced the insurance and pension schemes it was considered as a success for the upliftment of the poor and infusing insurance into the lives of the poor. A key aspect of the interest in micro-insurance is to explore ways of significantly increasing the number of poor households belonging to various communities that have access to insurance while enhancing the benefits. This paper is a study to understand how the Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyothi Bima yojana is considered as a success for the upliftment of the poor. It analyses how the progress of both these schemes in terms of the growth and progress has increased the inclusiveness of financial services like micro insurance has increased the outreach of these schemes. It is a statistical analysis of the secondary data on the gross enrollment and how it shows that micro insurance still be considered as a important dimension of financial inclusion.

Factors impacting the adoption of m-banking: understanding brand India’s potential for financial inclusion

2017 ◽  
Vol 11 (1) ◽  
pp. 22-40 ◽  
Author(s):  
Madhurima Deb ◽  
Aarti Agrawal
Keyword(s):  
Financial Services ◽  
Secondary Data ◽  
Cost Effective ◽  
Perceived Usefulness ◽  
Financial Inclusion ◽  
Content Type ◽  
Personal Innovativeness ◽  
The Future ◽  
The Government ◽  
Digital Channels

Purpose The purpose of this study has been to understand brand India’s potential for financial inclusion in the future. As, digital channels like mobile banking (m-banking) are likely to provide better coverage and more cost-effective services to the unbanked population of India. Conventional banking might not be cost-effective for low-ticket-size transactions, hence financial inclusion, which is on the “Digital India” agenda of the Government of India (GoI), might not be feasible. However, to understand brand India’s potential for financial inclusion in the future, it would be essential to understand Indian customers’ attitudes toward m-banking, especially those who have not yet adopted it. This would bring out the potential of m-banking as a channel to drive financial inclusion based on customers’ intentions to adopt it. Until every Indian has access to a wider range of financial services, there cannot be financial inclusion. Similarly, until every Indian adopts digital channels to access a wider range of financial and non-financial services, the GoI’s initiatives for “Digital India” cannot be realized. Furthermore, a review of the literature suggests that there are very few studies concerning m-banking worldwide and still fewer in the context of India. Design/methodology/approach The present study used IBM SPSS and Amos software to test the conceptual model developed using secondary data. Findings The findings of the study suggest that subjective norm, output quality and personal innovativeness have impacts on the perceived usefulness of, and attitudes toward, the ultimate adoption of m-banking. Originality/value The paper is the original work of the authors. An attempt has been made to integrate all the existing literature on m-banking to develop a complete model for the technology’s adoption.

scholarly journals BANKING SECTOR ORIENTED FINANCIAL INCLUSION IN INDIA: A LONG TERM PERSPECTIVE

2020 ◽  
pp. 42-59
Author(s):  
Sana Pathan ◽  
Archana Fulwari
Keyword(s):  
Financial Services ◽  
Banking Sector ◽  
Financial Inclusion ◽  
Inclusive Growth ◽  
Long Run ◽  
Reserve Bank ◽  
The Government ◽  
Improve Access ◽  
Reserve Bank Of India

Financial Inclusion is an emerging concept. The objective of the government behind 100 percent Financial Inclusion is to have inclusive growth in India. Several initiatives have been taken by the Government of India and the Reserve Bank of India to improve access to financial services. To measure the effectiveness of these initiatives there is need to measure the extent of Financial Inclusion. Financial Inclusion can be measured by gauging the progress in access to and usage of a range of products and services of financial institutions over time. The present study sought to propose an index to measure the extent of banking sector oriented Financial Inclusion in India over a period of time rather than a cross-section study which has been the focus of many a studies. The study used more specific indicators of banks-centric financial inclusion dimensions to gauge the long run trend in Financial Inclusion in India. The results indicate that there is much improvement in Financial Inclusion in India since the implementation of financial sector reforms.

Boosting financial inclusion through social assistance reform: evidence-based approach in selecting a payment system

2020 ◽  
Vol 31 (4) ◽  
pp. 284-299
Author(s):  
Hilman Palaon ◽  
Sudarso Kaderi Wiryono ◽  
Taufik Faturohman
Keyword(s):  
Financial Services ◽  
Near Field ◽  
Social Assistance ◽  
Pilot Project ◽  
Financial Inclusion ◽  
Evidence Based ◽  
Debit Card ◽  
Food Purchases ◽  
The Poor ◽  
The Government

Digitizing social assistance for the poor has been proven to increase financial inclusion. The Indonesian Government initiated reform for non-cash social assistance disbursement in 2016. Evidence-based policy approach is an effective technique for informing the government on appropriate new regulations. A pilot project involving 4,295 participants was conducted to evaluate the following payment systems: debit card, mobile money, QR code (quick response), and NFC (near field communication). Beneficiaries utilized the funds for cash withdrawals and food purchases at bank agents. Quantitative and qualitative methods were employed in the analysis. The government decided to use debit card with multiple wallet features. A new regulation was made to support the implementation in 2017, and by the end of 2019, the government provided more than 12 million new savings accounts to the poor. Potential future improvements are proposed for the sustainability of the solution, which include a disbursement providers’ revenue model, broader financial services involvement, bank agents’ inventory system, and optimizing the latest innovations.

scholarly journals Legislative and Other Selected Challenges Affecting Financial Inclusion for the Poor and Low Income Earners in South Africa

2020 ◽  
Vol 64 (3) ◽  
pp. 337-355
Author(s):  
Howard Chitimira ◽  
Menelisi Ncube
Keyword(s):  
South Africa ◽  
Low Income ◽  
Financial Services ◽  
Banking System ◽  
Financial Inclusion ◽  
The Poor ◽  
Financial Exclusion ◽  
Relevant Role ◽  
Legislative Framework ◽  
The Government

AbstractThis article discusses the challenges affecting the achievement of financial inclusion for the poor and low-income earners in South Africa. The concept of financial inclusion could be defined as the provision of affordable financial products and services to all members of the society by the government and/or other relevant role-players such as financial services providers. This article identifies unemployment, poverty, financial illiteracy, over-indebtedness, high bank fees, mistrust of the banking system, lack of relevant national identity documentation and poor legislative framework for financial inclusion as some of the challenges affecting the full attainment of financial inclusion for the poor and low-income earners in South Africa. Given these flaws, the article highlights the need for the government, financial institutions and other relevant stakeholders to adopt legislative and other measures as an antidote to financial exclusion and poverty challenges affecting the poor and low-income earners in South Africa.

scholarly journals Village banks: a financial strategy for developing the South African poor households

2016 ◽  
Vol 11 (2) ◽  
pp. 8-13 ◽  
Author(s):  
Polly Mashigo ◽  
Humayun Kabir
Keyword(s):  
South Africa ◽  
Transaction Costs ◽  
South African ◽  
Financial Services ◽  
Financial Inclusion ◽  
Individual Development ◽  
Financial Strategy ◽  
The Poor ◽  
Poor Households ◽  
Wide Range

Access to financial services is a vital component of poverty alleviation, community and individual development. The major constraint experienced by poor South African households is lack of financial support emanating from systemic weaknesses of the formal financial institutions which include lack of infrastructural facilities, high transaction costs and traditional collateral. The objective of this study is to propose a financial strategy that would improve access to financial services and develop the poor households in South Africa. The research is literature-based since it draws on a wide range of academic literature that documents village/community banks and financing the poor. International best practices which are equally important and crucial are used to identify financial inclusion strategy that alleviates the need for collateral and high transaction costs in financial transactions. The study reveals that village banks create access to basic financial services to the poor households on a sustainable basis through community/village mutual trust, relationships, accountability, perfect knowledge, customs and participation. Based on these findings, it is recommended that village banks be established and supported adequately and used as a financial inclusion strategy for developing the poor households in South Africa

scholarly journals Leveraging Financial Inclusion Through Technology-Enabled Services Innovation

2022 ◽  
Vol 14 (1) ◽  
pp. 1-13
Author(s):  
Rajeev Dwivedi ◽  
Melfi Alrasheedi ◽  
Pradeep Dwivedi ◽  
Berislava Starešinić
Keyword(s):  
Financial Services ◽  
Indian Population ◽  
Financial Inclusion ◽  
Government Policies ◽  
Full Potential ◽  
Inclusive Growth ◽  
Depth Analysis ◽  
The Government ◽  
Available Technology ◽  
Services Innovation

The majority of the Indian population is not getting the advantages of inclusive growth and development in India, referred to as financial inclusion and has become a challenge for the Indian economy. The paper aims to investigate the use of available technology-enabled financial services and their role for financial inclusion in the current COVID 19 situation and the reaching rural and semi-urban India. The research is based on the in-depth analysis of the government policies and Fintech in the light of India's situation during COVID 19. The study reveals that the government showed the intent by opening a vast amount of banking accounts (411 million accounts) for financial inclusion in around six years. With radical changes in mobile subscribers and 4G, Internet, and Smartphone growth, India is close to achieving financial inclusion with full potential. However, significant change and development can be attained only if the government provides and motivates citizens to adopt the innovation services for financial inclusion.

scholarly journals Nexus between Information and Communication Technology, Financial Intermediation, and Household Investment: A Review

2017 ◽  
Vol 03 ◽  
pp. 16
Author(s):  
Richard M Kiai ◽  
Keyword(s):  
Information And Communication Technology ◽  
Financial Institutions ◽  
Communication Technology ◽  
Financial Services ◽  
Financial Intermediation ◽  
Financial Inclusion ◽  
Financial Intermediaries ◽  
The Poor ◽  
Information And Communication ◽  
The Government

Financial inclusion has been recognized as a poverty reduction tool, and many economies have taken it up as a national agenda. To achieve the expected levels of financial inclusion, governments have worked with financial intermediaries to reach the expected target group, the unbanked poor. As per the financial intermediation theory, the role of financial intermediaries is to minimize the information asymmetry in the financial system. To enhance financial inclusion, many countries and financial institutions have embraced information and communication technology (ICT). ICT has been recognized as a tool that has worked greatly toward enhancing sharing of information at a low cost and that has thus helped in improving financial inclusion. Though many countries have achieved high levels of financial inclusion through ICT, the levels of poverty have not declined. It was thus important to establish the relationship between ICT, financial intermediation, and household investment. This study methodology was a review of the literature on financial inclusion, financial intermediation, ICT, and household investment. From this study, it was noted that ICT is helping in financial intermediation and thus more people can access financial services. Unfortunately, the levels of ICT capability among the poor are low, and in that case, the poor are not able to utilize financial services offered through ICT platforms to undertake household investment. This is the reason as to why, despite the high levels of financial inclusion, the poor still remain poor. This study recommends that the government should ensure that the levels of ICT among the populace are high. Financial institutions on the other hand should provide financial services with more user-friendly platforms.

scholarly journals FINANCIAL INCLUSION AND INCLUSIVE GROWTH: A CROSS-PROVINCE ANALYSIS IN INDONESIA

2016 ◽  
Vol 18 (3) ◽  
pp. 281-306 ◽  
Author(s):  
I Made Sanjaya ◽  
Nursechafia Nursechafia
Keyword(s):  
Financial Services ◽  
Financial Sector ◽  
Financial Inclusion ◽  
The Other ◽  
Average Level ◽  
Inclusive Growth ◽  
Positive Correlation ◽  
The Poor ◽  
Other Hand ◽  
Equity Index

This paper computes and analyzes the degree of financial inclusion and the inclusive growth in Indonesia. Using provincial data, we calculate the Index of Financial Inclusion (IFI) based on the accessibility, the availability, and the usage of the financial services. On the other hand, the Index of Inclusive Growth (IIG) is developed through the method of social opportunity function by increasing the average level and equity index of opportunities. The result shows that the financial inclusion in Indonesia is largely determined by the accessibility, while the availability and the usage play only small portion. This leads to a conclusion that the group of the poor is limited on using the financial services. Furthermore, we use social opportunity function to measure the inclusive growth, and find a positive correlation with the financial inclusion. These findings call the attention from regulators to push the financial sector to extend their services further beyond their existing market target

scholarly journals A Study on the Impact of Schemes and Programmes of Government of India on Agriculture to Increase Productivity, Profitability, Financial Inclusion, and Welfare of Farmers to Transform them into Modern Society

2021 ◽  
pp. 231-243
Author(s):  
Mahesh K. M. ◽  
P. S. Aithal ◽  
Sharma K. R. S.
Keyword(s):  
Rural Areas ◽  
Financial Services ◽  
Modern Society ◽  
Modern Technology ◽  
Mobile App ◽  
Financial Inclusion ◽  
Agricultural Products ◽  
Theoretical Concepts ◽  
The Government ◽  
The Impact

Purpose: The foremost intent of this research article is to create awareness about various schemes for the productive sector of agriculture. Through this study, the level of performance of these agricultural schemes and programmes were analysed that will be helpful for the attainment of financial inclusion. Hence it is necessary to know about various schemes and their making to connect the beneficiaries. Agriculture is the basic source of food supply, production, processing, promotion and distribution. Agricultural products contribute to Gross Domestic Product (G.D.P.) and generate employment in rural areas. They transform the lives of the farmers in modern society. The government of India has introduced Minimum Support Price (MPS), MIF, PMKSY, PMFBY, e-NAM, PM-KISAN, PMJDY, PM-KUSUM, PKVY, NAMS, and MGNREGS. The mobile app KisanSuvidha and innovative programmes like Kisan Rail, KrishiUdaan double the farmers’ Income (DFI). These help in transforming village economy, coverage of irrigation, crop insurance, and stabilizing the income. They also ensure financial support, flow of credit and Direct Benefit transfer of subsidies and funds to beneficiaries. Adopting modern technology, farm-based activity, poultry, dairy, forestry, beekeeping and with the support of SHGs which will directly impact productivity, profitability, financial inclusion, and the welfare of farmers in the 21st century and development of the country’s economy. Design/ methodology/approaches: This study is all about the theoretical concepts based on analysis of various schemes and interconnect. Findings and results: This study reveals that the effectiveness of various agricultural programs and also identifies the benefits and beneficiaries of these schemes. Under this research, various financial services, subsidies, funds released, online platform for agricultural products, funds for micro-irrigation, and so on benefits provided by the government of India were studied. Originality/value: Analysed the various schemes and compelled its beneficiaries and develop a modern to achieve financial inclusion and economic growth through the study. Type of Paper: Research Analysis.

scholarly journals Penerapan Alternatif Akad Pembiayaan Haji dan umrah Pasca Peraturan Menteri No 24 Tahun 2016 Pada Bank Panin Dubai Syariah Surabaya

2018 ◽  
Vol 2 (1) ◽  
Author(s):  
Fitrotu Aini
Keyword(s):  
Financial Services ◽  
Government Regulation ◽  
Islamic Law ◽  
Secondary Data ◽  
Study Approach ◽  
Left Behind ◽  
Secondary Data Source ◽  
The Government ◽  
The Cost ◽  
Financial Agreement

ABSTRACTHajj as a great symbol of worship. Hajj is the fifth pillar of Islam which is mandatory for every Muslim who are able to da it in accordance with the legal requirement of pilgrimage. One of the legal conditions of Hajj is the capability, capable to cover the cost of the hajj and the family left behind. Panin Bank Dubai Sharia Bank was established based on the regulation of Limited Company No. 12 dated January 8, 1972 by Moeslim Dalidd, a notary in Malang. PT. Bank Panin Dubai Syariah Tbk has been legalized by the Financial Services Authority ("OJK"), in accordance with a copy of the policy of the Board of Commissioners of OJK No. Kep-29 / D.03 / 2016 on July 26, 2016.Therefore, through this research, the writer wants to understand: (1) how is the practice of applying alternative financial agreement of hajj and umrah after the implementation of regulation made by ministry of religious affair No. 24 year 2016 at Panin Bank Dubai Syariah Surabaya branch? (2) What is the analysis of Islamic law on the practice of multilateral contract alternative application in this Bank? Therefore, this study is aimed to, firstly, understand and describe the application of alternative contracts to hajj and umrah after the regulation of Ministry of Religious Affairs No. 24 of 2016 in Panin Bank Dubai Sharia branch Surabaya, and to describe the analysis of Sharia Economic Law about the practice of applying alternative contract in the bank.The method used in this research is qualitative method. The research data are taken in natural situation in Panin Bank Dubai Syariah Surabaya. The data are taken during operational hours using case study approach. Are done through interview technique with the main participant, Assistant Manager 1, and document, archive, book, sample of registration, as secondary data source. The data are analyzed through 3 (three) data deduction, display data and ended with conclusion and verification.The results of the study indicate that the Panin Bank Dubai Sharia runs in accordance with the government regulation No. 24 year 2016 "BPS BPIH is prohibited from providing direct and indirect Hajj money service" including Hajj and Umrah services using various financing products and funds saving, funds collecting in the form of deposits, savings or other forms, using multi-service financing akad wadi'ah, with the savings of hajj services with initial minimum deposit of Rp500,000,and according to customers’ ability. Keywords: hajj, umrah, wadi'ah.

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