Determinants of Financial Inclusion in India: A Literature Review
DOI:
https://doi.org/10.17010/ijf/2019/v13i11/148417Keywords:
Determinants
, Literature Review, Financial Inclusion, Unprivileged People.JEL Classification
, E58, G21, O16, R51.Paper Submission Date
, November 24, 2018, Paper Sent Back for Revision, June 3, 2019, Paper Acceptance Date, October 5, 2019.Abstract
Although India has achieved remarkable success in financial systems, but few segments of the Indian population, mostly poor and rural people, could not get benefit from this success due to various constraints. Financial institutions are not accessible by such a disadvantaged stratum of the population, and thereby, they are not able to participate in banking, borrowings, and savings. Providing timely and affordable financial services to entire segments of the society are termed as financial inclusion. In the present paper, various key determinants of financial inclusion such as financial literacy, institutional factors, psychological factors, technological factors, government schemes like Pradhan Mantri Jan Dhan Yojna, self-help groups, and microfinance, etc. were discussed on the basis of existing theoretical and empirical literature on financial inclusion. Each determinant of financial inclusion has its own importance in realizing the objective of complete and comprehensive financial inclusion in India.Downloads
Downloads
Published
How to Cite
Issue
Section
References
Ali, A. (2017).The challenges facing poverty alleviation and financial inclusion in North-East Kenya Province (NEKP). International Journal of Social Economics, 44(12), 2208-2223. https://doi.dx.org/10.1108/IJSE-05-2016-0133
Arora, S., & Leach, J. (2005). Towards building an inclusive financial sector: Lessons from South Africa. Economic and Political Weekly, 40(17), 1726-1730. Retrieved from http://www.jstor.org/stable/4416531
Bansal, S. (2014). Perspective of technology in achieving financial inclusion in rural India. Procedia Economics and Finance, 11(14), 472-480. https://doi.dx.org/10.1016/s2212-5671(14)00213-5
Bhanot, D., Bapat, V., & Bera, S. (2012). Studying financial inclusion in North-East India. International Journal of Bank Marketing, 30(6), 465-484.
Bhonde-Saraf, A. (2016). Are women financially educated ? A study with reference to earning women of Aurangabad District, Maharashtra. Indian Journal of Finance, 10 (3), 43-51. https://doi.dx.org/10.17010/ijf/2016/v10i3/89021
Bongomin, G. O. C., Munene, C. J., Ntayi, J. M., & Malinga, C. A. (2017). Financial literacy in emerging economies. Managerial Finance, 43(12), 1310-1331. https://doi.dx.org/10.1108/MF-04-2017-0117
Chakrabarty, K. C. (2011). Financial inclusion and banks: Issues and perspectives. BIS Central Bankers' Speeches. Retrieved from https://www.bis.org/review/r111018b.pdf
Crain, S. J. (2013). Are universities improving student financial literacy ? A study of general education curriculum. Journal of Financial Education, 39 (1/2), 1-18.
D’Ancona, E. L. (2014). Financial literacy and financial inclusion of women in rural Rajasthan. Independent Study Project (ISP) Collection 1953. Retrieved from https://digitalcollections.sit.edu/isp_collection/1953/
Deka, P. P. (2015). Financial literacy and financial inclusion for women empowerment: A study. International Journal of Applied Research, 1(9), 145-148.
Dev, S. M. (2006). Financial inclusion: Issues and challenges. Economic and Political Weekly, 41(41), 4310-4313. Retrieved from http://www.jstor.org/stable/4418799
EPW Research Foundation. (2006). Financial inclusion in a deregulated regime. Economic and Political Weekly, 41(20), 1940-1946. Retrieved from http://www.jstor.org/stable/4418226
Farrell, L., Fry, T. R. L., & Risse, L. (2015). The significance of financial self-efficacy in explaining women’s personal finance behaviour. Journal of Economic Psychology, 54, 85-99. https://doi.dx.org/10.1016/j.joep.2015.07.001
Garg, N., & Singh, S. (2018). Financial literacy among youth. International Journal of Social Economics, 45(1), 173-186. https://doi.dx.org/10.1108/IJSE-11-2016-0303
Ghosh, S., & Vinod, D. (2016). Furthering the financial inclusion agenda in India. How important is gender? Issues in Banking, 51(12), 126-132. Retrieved from https://www.cafral.org.in/sfControl/content/Speech/46201623513PM-Ghosh_Vinod_EPW_2016.pdf
Gwalani, H., & Parkhi, S. (2014). Financial inclusion-Building a success model in the Indian context. Procedia-Social and Behavioral Sciences, 133, 372-378. https://doi.dx.org/10.1016/j.sbspro.2014.04.203
Iqbal, B. A., & Sami, S. (2017). Role of banks in financial inclusion in India. Contaduria y Administracion, 62(2), 644-656. https://doi.dx.org/10.1016/j.cya.2017.01.007
Jerold, V. A. (2008). Financial inclusion and literacy in India-A critical study. Indian Journal of Finance, 2(4), 25-33. Retrieved from http://www.indianjournaloffinance.co.in/index.php/IJF/article/view/71663
Kamath, R. (2007). Financial inclusion vis-a-vis social banking. Economic and Political Weekly, 42(15), 1334-1335.
Karmakar, K. G. (2009). Emerging trends in microfinance. Economic and Political Weekly, 44(13), 21-24.
Kidwai, N. L. (2015, October 26). Financial Inclusion and women empowerment. Retrieved from https://blogs.economictimes.indiatimes.com/etcommentary/financial-inclusion-and-women-empowerment/
Kumar, N. (2015). Financial inclusion and its determinants: Evidence from India. Journal of Financial Economic Policy, 5(1), 4-19. https://doi.dx.org/10.1108/17576381311317754
Midgley, J. (2005). Financial inclusion, universal banking and post offices in Britain. Wiley on behalf of The Royal Geographical Society, 37(3), 277-285.
Mindra, R., & Moya, M. (2017). Financial self-efficacy: A mediator in advancing financial inclusion. Equality, Diversity and Inclusion: An International Journal, 36 (2), 128-149.
Ouma, S. A., Odongo, T. M., & Were, M. (2017). Mobile financial services and financial inclusion: Is it a boon for savings mobilization? Review of Development Finance, 7(1), 29-35. https://doi.dx.org/110.1016/j.rdf.2017.01.001
Owen, A. L., & Pereira, J. M. (2018). Bank concentration, competition and financial inclusion. Review of Development Finance, 8(1), 1-17.
Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18 (4), 329-340. https://doi.dx.org/10.1016/j.bir.2017.12.003
Ranade, A. (2017). Role of "Fintech" in financial and new business models. Money, Banking and Finance, 52 (12), 125-128.
Rangarajan, C. (2008). Report of the committee on financial inclusion. New Delhi : Government of India.
Reddy, C. V. (2016). 12 pillars’ framework for successful financial inclusion in India. Indian Journal of Finance, 10 (12), 7-28. https://doi.dx.org/10.17010/ijf/2016/v10i12/106878
Reddy, Y. V. (2011). Microfinance industry in India : Some thoughts. Economic and Political Weekly, 46 (41), 46-49.
Sathiyan, S., & Panda, P. K. (2016). Financial inclusion in India : An analysis of pattern and determinants. Indian Journal of Finance, 10(4), 41-53. https://doi.dx.org/10.17010/ijf/2016/v10i4/90799
Sharma, D. (2016). Nexus between financial inclusion and economic growth: Evidence from the emerging Indian economy. Journal of Financial Economic Policy, 8(1), 13-36. https://doi.dx.org/10.1108/JFEP-01-2015-0004
Shetty, S., Hans, V. B., & Rao, P. (2015). Self help groups, financial inclusion and women empowerment-A critique. Retrieved from https://doi.dx.org/10.2139/ssrn.2662004
Singh, C., Mittal, A., ... & Kumar, U. (2014). Financial Inclusion in India : Select issues (IIMB Working Paper No. 474). Retrieved from https://www.iimb.ac.in/sites/default/files/2018-07/WP_No._474.pdf
Sinha, D., & Azad, R. (2018). Can Jan Dhan Yojna achieve financial inclusion? Money, Banking and Finance, 53(13), 165-172.
Srinivasan, N. (2007). Policy issues and role of banking system in financial inclusion. Economic and Political Weekly, 42(30), 3091-3093 + 3095. Retrieved from http://www.jstor.org/stable/4419836
Tripathi, R., Yadav, N., & Shastri, R. K. (2016). Financial inclusion in India through Pradhan Mantri Jan Dhan Yojana: An empirical analysis of statistical evidence. Indian Journal of Finance, 10(10), 42-55. https://doi.dx.org/10.17010/ijf/2016/v10i10/103014
