A Summary And Suggestions Of The Bank Essay

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CHAPTER 5
5.1.1 FINDINGS AND SUGGESTIONS

The Bank has to do lot of work why people are still financially excluded even after 68 years of independence and design policies to ensure inclusion of the poor and disadvantaged people. The strategy could vary from village to village but all efforts should be made in this way as financial inclusion can truly lift the financial condition and standards of life of the poor and the disadvantaged people of Jammu & Kashmir. Large percentage of loans is taken by households for meeting financial emergency, medical emergency and social obligations like marriages, etc. These three purposes amount to 53% of the loans availed by the people. More than 60% of people/farmers are indebted to non-institutional sources. In case of crisis, these people find it convenient to approach non-institutional sources for their credit necessities. Financial emergencies, for instance include unforeseen expenditure on business, consumption, marriage among others, which may not be financed by banks and other institutional organizations. Need specific loans / credit schemes can attract the people towards the banking domain.

In India when financial inclusion started it was just to have minimum access to bank accounts without frills. But actually financial inclusion scope is very wide it doesn’t mean just to have a zero balance account. Even many account holders can’t recall when they opened these accounts because these
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