Financial inclusion, inclusive growth and availing a loan Professor Chaudhary Rishi*, Tuli Richa** *Maharshi Dayanand University, Rohtak, India **Research Scholar, Maharshi Dayanand University, Rohtak, India Online published on 24 October, 2019. Abstract Financial inclusion has become the buzz word today and has caught the attention of policy makers and economists across the globe. Focus of Financial inclusion is on conversion of unbanked area into banked area. It plays a very crucial role in the growth and development of an economy. In all economies of the world, it is important to build Financial Inclusive systems for increasing access to finance, access to capital, and resources. Easy Access to credit at an affordable cost is also one of the important elements of financial inclusion. Through this study an effort has been made to explore the current status of credit availed and their distribution in Haryana. This study also analyzes the impact of demographic characteristics of BPL households on opening of bank account to avail a loan. The present study is explorative cum descriptive in nature. In the present study, both primary and secondary sources of data have been adopted for the purpose of data collection. The primary data was obtained with the help of a well-structured questionnaire. This study is based on a large representative sample of 988 BPL households of Haryana. BPL households were selected randomly from six districts of haryana i.e. Ambala, Faridabad, Rewari, Sirsa, Rohtak, Panipat by the method of multistage random sampling method followed by simple random sampling. After this, for analysis of data T-test, analysis of variance and Post Hoc analysis-Tukey method has been used. Findings of the study have been shown in form of table and graphs. It is observed that total credit given by scheduled commercial banks of Haryana is increasing year by year. In 2012 total credit given by scheduled commercial bank was 1159232 million, which has increased to 17, 82, 410 in 2016. It is also seen out of all, share of urban sector in total credit is highest whereas metropolitan has least share among all. There is a need to make more effort to increase their share in total credit. Simplification of the lending procedures and lending at reasonable rate of interest can improve financial access. Banks will have to take steps to reduce the legal procedure and insistence of collateral while lending to the poor to increase the access of financial services to the poor. Further males were found more inclined towards opening bank account to avail a loan in comparison to females. There is a need to make an effort to increase inclusion among females by providing credit to them at low rates. Female should be encouraged to avail a loan through banks instead of local lenders. Top Keywords Financial Literacy, Financial Awareness, Below Poverty Line, United Nation. Top |