A Study On Measuring Index Of Financial Inclusion (IFI) In The District Of Purba Bardhaman, West Bengal

Abstract

After partly successful implementation of the poverty alleviation program in India, Central Government has focused on Inclusive growth with the aim that entire society of the country will grow equally, not giving any special emphasis on any caste, creed, gender, religion, etc. through Financial Inclusion. Financial Inclusion represents the delivery of banking services to the common people, principally to the underprivileged and disadvantaged people at an affordable cost. The banking sector can play a crucial role in the development of the primary sector of the Indian economy basically concentrated in the rural part of the country by way of opening the bank outlets and ATM counters in the rural areas. The banking sector can improve the rural part of the country through opening savings accounts of masses, protecting rural people from rural money lenders by giving easy credit, and ensuring the rural people.

To quantify the Financial Inclusion, Index of Financial Inclusion (IFI) is one of the important measures in India. In this study, it has been observed that the Index of Financial Inclusion of Purba Barddhaman district is 0.44. That means, the status of Financial Inclusion is in the medium range as fixed by Sri Sadhan Kumar Chattopadhyay (2011). This level can only be achieved by the successful organization of Financial Literacy Camps by DLBC, RBI, NABARD, and Burdwan Central Cooperative Bank Ltd. and a huge opening of savings account under Pradhan Mantri Jan Dhan Yojana.