Beruflich Dokumente
Kultur Dokumente
Abstract
The major focus of the Union Budget for the financial year 2011-12, 2012-13 and 2013-14 was to
achieve the larger aim of the financial inclusion. It focuses on the poor who do not enjoy the formal
financial institutional support and get them out of the clutches of local money lenders. The objective
of the study is to identify the difficulties that Government of India is facing to implement the concept
of financial inclusion. Simultaneously, this research work will focus on developing the marketing
strategies of the financial instruments to the rural population where a signification portion of the
population are suffering from poverty, inequality, unemployment, illiteracy and superstition. Another
dimension of the study is to develop the investor awareness programs in suburban area and remote
villages by which maximum retail participation in capital market can be ensured. Since
socio-economically rural residents are the most vulnerable portion of the society, it is the ethical,
moral and social responsibility for the Government to ensure that the downtrodden common mass of
the country receive protection from the risk of mis-selling by the unscrupulous financial
intermediaries.
The methodology used for the proposed study is based on secondary information available from
several research articles prevalent in the different reputed national and international journals in the
sphere of financial inclusion. Similarly the data has been collected from the RBI database, the
annual reports of SEBI and IRDA as well as from the different published reports. The dream of
real financial inclusion will be materialized only when the entire population of the nation will be able
to become the beneficiary from the different financial reforms made by the different regulatory apex
bodies of the country such as RBI, SEBI and IRDA.
Keywords: budget, inclusion, growth marketing, mutual funds, rural India, RBI, SEBI, IRDA.
1
Introduction: The theme of the financial inclusion has become the central focal point for the
Government of India as well as its different policy making bodies for a long period of time. The
major focus of the Union Budgets, for the last four financial years 2010-11, 2011-12, 2012-13 as
well as 2013-14 were to achieve the larger aim of the financial inclusion. As per the Union budget
of 2010-11, it was recommended that both the Government and RBI would work together to
provide appropriate banking facilities to areas having population in excess of 2000 by March, 2012
(Dhar, 2010). A major thrust had been given to the financial inclusion in the budget placed for the
year 2011-2012 as 27% higher target was set for direct agricultural loans. The proposal of
3. interest subvention for timely loan repayments (lesser interest burden helpful for asset
qualification) channelized the greater funding in the segment (Dhar, 2011). The concept of financial
inclusion is focusing on the distributive justice. Rawls was the proponent of “Justice as fairness”.
According to his difference principle, a productive society can incorporate inequality but the
maximum benefit should be provided to the most vulnerable section of the society (Velasquez,
2007).
Background Story: It is very difficult to reach at a consensus on the topic ‘what should be the
ideal role of the Government of a nation’. The different schools of Thought are holding different
views and each of them have some logic as well as counter logic to substantiate their
perspectives. European nations used to follow the ‘Welfare State’ model over several decades. It is a
social model where Government finds its prime responsibility for welfare of its citizen by
implementing public housing, public health, pension, unemployment compensation, health
insurance, accident insurance as well as disability insurance. The Government of the European
nations used to follow the comprehensive social security program where safety net was created for
those citizen who are unable to maintain their own standard of livings due to lack of financial
resources. The factor market is really rigid in different nations such as German, France etc. The
French labour market in the post 1945 era was characterized by permanent employment
contracts, employment protection laws which penalized business enterprises for firing
employees, long paid vacations up to five weeks a year, limited work week hours and bonuses twice
a year etc. (Gupta, 2006 ). The same can be scrutinized easily by analyzing the corporate governance
structure of the German where 50% board of directors are appointed by shareholders and rest 50%
are being appointed by the worker and trade unions. But providing the
2
unemployment incentive became boomerang for the nations as it created an excessive stress in the
exchequer of the Government, simultaneously it retarded the growth rate of the nations. Critics are
saying that the welfare state model was one of the contributors for the Euro Zone crisis where the
Government of the different nations such as Greece, France, Germany, Spain, Italy and Austria
started suffering from liquidity crisis.
During the phase of the globalization, liberalization and privatization which initiated in post 1991
scenario, gradually the Government of India is withdrawing itself phase by phase manner from the
business, paving the way for the private and foreign players to participate in almost all the sectors
barring few strategic sectors such as Arms and ammunition, Atomic Energy, Railway Transport,
Coal and lignite, Mining of iron, manganese, chrome, gypsum, sulphur, gold, diamonds,
copper, zinc etc. 100% FDI in single brand retail, telecom sector as well as in pharmaceutical
sector, 74% FDI in television, Direct to Home, cable networks, teleports, Asset reconstruction
Companies and in credit bureaus, 51% FDI in multi brand retail, 49% FDI in Power Exchanges,
domestic airlines and in insurance sector, 26% FDI in defense sector can be viewed as the part of
game plan of the Government. The Government has deregulated the price of petrol and diesel and
capped 9 LPG per household per annum which will be offered at subsidized rate to promote the
market economy. In spite of all these, spending in different social sector projects such as hundred
days work, Mid day meal, creating a provision for spending in Food Security Bill and introducing
Land Acquisition, Rehabilitation and Resettlement Bill, the Government of India has proved that it
is trying hard to strike a balance between the reformist as well as socialist activities.
Divergence between the economic efficiency and the social welfare optimum makes the role of the
Government crucial. Economic efficiency or the Pareto optimality ensures all the resources of the
nations are fully utilized in such a way that welfare of one individual cannot be increased without
decreasing the welfare of another individual and output of commodity cannot be increased
without reducing output of another product. Market economy and free competition ensures the
achievement of Pareto Optimality though the invisible hand of the market. The social optimality
implies the situation where apart from efficient allocation of resources, the consequent income
distribution is regarded as equitable by the society. Thus it can be stated that Pareto Optimality is a
necessary but not a sufficient condition to achieve the optimal social welfare as in
3
order to achieve the social bliss point, efficient allocation and utilization of the resources should be
accompanied by the distributive justice. In a democratic setup, role of the Government becomes
very much import as Government is expected to ensure the distributive justice (Due, 1994). The
Keynesian approach is propagating the concept of pump priming where Government has to incur
expenditure in different employment generating projects which will ultimately boost the aggregate
demand of the economy. Therefore the Government of India cannot escape from the responsibility
of inclusive development. Inclusive development is only possible when basic financial services can
be made available to every section of the society. In order to ensure the effective financial inclusion,
the Government needs to address or identify first and foremost the problem of social exclusion.
According to Byrne, social exclusion should be considered as ‘a necessary and inherent
characteristic of unequal post-industrial capitalism founded around a flexible labour market’. He
opined that the socially excluded are a reserve army of labour in the Marxist sense, continually
changing places (Byrne, 1999).
The sustained rise in per capita income is no doubt a necessary condition for enhancing GDP
growth of the nation but it is not sufficient to ensure the inclusive development. The
development can be interpreted as the sustained increase in standard of living of the nation. The
Human Development Index is a composite statistics of life expectancy, education and income
indices used to rank the nations. Life expectancy Index is used to measure the life expectancy at
birth. Education index incorporates mean years of schooling and expected years of schooling. The
mean years of schooling implies years that a 25 years old person has spent in school. The expected
years of schooling implies that a 5 years old child is expected to spend with the institutionalized
education. The Income index is measured by the per capita Gross National Income. In a nutshell, it
can be said that the Human Development Index is the cube root of the product of Life Expectancy
Index, Education Index and Income Index (Haq, 1990)
Therefore the higher growth rate will not be automatically translated to the development unless and
until successful implementation of Financial inclusion is properly taking place. Reaching into the
simplistic assumption that the crisis of the financial exclusion is restricted only to the rural area will
be a great mistake, as the poorer section of the urban population is also victim of same deprivation.
Taking into account these harsh realities into consideration, the Government of India is now
continuously harping on the prerogative of inclusive growth. In the sphere of the
4
financial inclusion, Indian PSU banks are much ahead than its private peers in terms of their
contribution. The PSU banks are offering banking services which is 62.2% of the total banked rural
population in India and it is followed by the Regional Rural Banks as they are offering 33.84%
services. Private players are offering service which is restricted to only 4.62% of the aggregate
banked rural population and foreign players are almost nonexistent in the rural market as they are
serving 0.02% of the rural population which is availing basic banking service (Annexure-I),
(Dhar, 2013).
Research Gap : Several scholarly articles have been authored on Rural Banking (Moschini
Giancarlo, 2008; Dongre, 2010; Jackson V. P, 2011; Whitelaw, 2011). Similarly numerous
intellectual outputs are available in the domain of financial inclusion (Jones, 2006; Michael,
2009. Bihari, 2011; Kumar, 2011). Confining the scope of the financial inclusion only in terms of
banking services indirectly interprets the fact that it is the baby of RBI which by default restricts the
inclusive agenda into a narrow perspective. The real financial inclusion will be possible if all the
financial regulatory bodies of India can jointly campaign and take the necessary steps to
implement the propaganda of the financial inclusion. This area has been neglected for a long period
of time as hardly any research publication was made in this context.
Objectives: The main objectives of the research paper can be explained as follows
Define the scope, direction, potentiality and the International benchmarks of the financial
inclusion plans.
Critically scrutinize the extent of achievement of the Government of India after 65 years
of independence in pursuing the goal of the financial inclusion.
Explore the opportunities to create the awareness about the utilities of the several
instruments of money market, capital market, insurance sector and pension fund in the mind
of downtrodden section of the society.
Methodology: The research paper is based on collection and analysis of the secondary data. The
secondary data is composed of the literature available in different scholarly research articles
belonging to several national and international journals prevalent in Ebscohost and Emerald.
Secondary data is collected and analyzed from the Annual report of Reserve Bank of India,
5
Security Exchange Board of India, Insurance Regulatory Development Authority of India and
National Bank for Agriculture and Rural Development as well as different published reports
which are available in the public domain.
Literature Survey: The Regional Rural banks or the Grameen Banks(GB) are playing a crucial
role to combat against the financial exclusion . The most conventional banks grant credit based
on collateral assets, GB give loans without any kind of collateral. GB has been successful in
overcoming the problems of informational asymmetry often found in rural financial markets. This
bank replaces collateral by peer pressure and social sanctions. The extremely poor can get small
loans at GB if they form groups of five people. Each member of the group receives an individual
loan; however, they are mutually responsible for all five credits. The bulk of GB’s borrowers are
women who constitute the weakest social group among the rural poor. Lending
money to women has largely enhanced recoverability for GB’s loans (Hassan, 1997). It is often
argued that the financial sector in low-income countries has failed to serve the poor. The failure of
the formal and informal financial sectors to provide affordable credit to the most
disadvantaged portion of the society is often viewed as one of the main factors that reinforce the
vicious circle of economic, social and demographic structures that ultimately cause poverty
(Chowdhury, 2005).
The successful application and implementation of the financial inclusion strategies can only
break this downward vicious circle. “The roles and status of persons in rural environment differs
substantially from those in urban India. Individuals such as Sarpanchs, caste leaders, medical
practitioners, retired military personnel and priests enjoy a higher status and their purchase
decisions seem to have a significant influence on others.” (Kashyap,2009). The conventional
meaning of the financial inclusion is to bring more and more people under the umbrella of the
banking services. But the stepping stone of the inclusive growth is the awareness generation about
the services offered by the banks and financial institutions among the non banked population.
Therefore the major challenge the banks are facing during the time period of ice breaking exercise
when they have to make their products and services familiar in the mind of the poor villagers. The
critical success factor for the banks lies in their ability to market their products, services, vision,
mission and policies in front of the layman villagers who have hardly any idea about the banking
framework or institutionalized credit.
6
Rural marketing is trickier as well as challenging in comparison to marketing in urban areas. The
target customers are highly qualified, adequately informed about the product and much exposed to
both the print as well as electronic media in urban marketing. In majority of the cases, the marketers
need not face many challenges to convince the customer about their products, provided
marketers are knowledgeable enough to demonstrate the key features as well as the core
competitive advantage of their products. “Rural marketers have to skillfully communicate with a
much larger but scattered audience characterized by variations in language, culture and life styles.
Their poor message comprehension and low media exposure only add to the problem of
communication through mass media.” (Krishnamacharyulu, 2006). The promotion of products,
services, processes or concepts are not easy because to attract the attention of rural customers,
customization is required to a significant extent. Often companies are targeting urban
market in order to play safe. According to Ajith Paninchukunnath, “when a marketing firm sees
only the urban market to participate, in a country where rural markets are dominantly present is
called Urban Myopia (UM). The intensity of UM is so high that in spite of facing acute problems
in urban markets like low market share, brand polygamy by consumers, competition from private
labels, declining margins, companies still refuse to look beyond urban markets ”
ii) Targets and objectives, iii) Strategy building or revision, iv) Public sector actions: policies,
regulation, and financial infrastructure, v) Private sector actions and vi) Progress monitoring. Each
country context varies, including in terms of availability of data and diagnostics, institutional
capacity to implement reforms, financial market structure, level of financial
7
infrastructure and political priorities. Financial inclusion strategies are interlinked with financial
stability, financial integrity, market conduct, the financial capability of consumers. The policy
framework should be prepared with reference to analysis as well as objectives for those areas,
irrespective of whether the financial inclusion strategy is a standalone document or a component of
a broader financial sector development strategy. (Pearce, 2012 )
In recognition of the need for better data to support the financial inclusion agenda, the World
Bank’s Development Research Group has derived the Global Financial Inclusion Index (Global
Findex) with a 10-year grant from the Bill & Melinda Gates Foundation. The goal of the
Global Findex is to enable policymakers and researchers to construct and evaluate policies based on
a sound understanding of the behaviors and constraints that characterize individuals’ use of
financial products. The few core indicators are used to prepare the index such as usage of bank
accounts, borrowing, payment and insurances. (Demirguc-Kunt, 2011 )
Association for Regional Cooperation (SAARC) provides a level playing field for South Asian
Countries to work together in a cooperative manner towards accomplishing certain common goals
which can help to accelerate the economic and social development in the region. Financial
inclusion is one such important common objective for the SAARC countries . (Kumar, 2011 )
The contribution by the selected SAARC countries in the field of financial inclusion has been
scrutinized ( Annexure –II).
The Automated Tailor Machine (ATM) plays a major role to eradicate the curse of financial
exclusion as it offers 24x7 banking services. The number of ATM can be considered one of the key
success variables in the field of financial inclusion. India is lagging far behind than the world
average benchmark with respect to providing the ATM facilities to the citizens of its nation. In
India, per one lakh population, the number of ATMs is 8.9 which are abysmally low in respect to
the world average 33.9 (Annexure- III).
The mobile banking transactions have increased at a rapid space in India which can be viewed as
another critical success factor for the financial inclusion. (Annexure- IV).
8
Initiatives by RBI: The branchless banking is an innovative concept where account can be
opened and operated without actually going to any bank branch. This can be done with the help of
banks’ business representatives in the area of an individual. These representatives are local people
who are authorized by the banks to act on their behalf. The profiles of Business Facilitator
and Business Correspondents are created so that they can work as the agent of banks who are
directly dealing with poor villagers. Business Facilitator helps the laymen villagers in opening the
bank account, explaining the norm of saving, loans etc to customers, repayment of bank loan,
understanding how to avail all other services of bank. Business Correspondents can do everything
what BF can do, moreover they can handle cash transactions on behalf of bank. Transactions are
secured as the figure print/signature is recorded by the bank during the opening of an account. The
BC will verify your finger print on a scanner machine before handing over the withdrawn amount
(Dhar, 2010).
Concept of Micro Finance : The concept of the Microfinance is the brainchild of Muhammad
achieve this objective by encouraging these families to engage in income-generating activities and
by providing assistance through a combination of wages, technical capacity building and a package
of financial assistance that includes institutional credit and subsidy. In 1999, SGSY was formed
from a merger and restructuring of the Integrated Rural Development Programme (IRDP) and allied
skills generation programmes, namely Training for Rural Youth for Self Employment (TRYSEM),
Development of Women and Children in Rural Areas (DWCRA), Supply of Toolkits in Rural
Areas (SITRA), Ganga Kalyan Yojana (GKY) and Million Wells Scheme (MWS), (Shekhar,
2010-11). In microfinance activities, PSU banks are almost enjoying monopoly power in
respect of insignificant private players. As per the data of March 2012,
9
94.5% loans had been disbursed by the PSU banks for microfinance schemes where only 5.5%
loans was disbursed by the private sector banks (Annexure-V).
Interregional Disparity in India : The eastern region of India is lagging behind with respect to
the rest of the nation in terms of performance in financial inclusion (Annexure-VI).
The Index of financial inclusion (IFI) for India is as low as 0.2 (range of values of IFI lie between 0
and 1, 0 indicating complete financial exclusion and 1 complete inclusion). IFI is a measure of
inclusiveness of the financial system of an economy measured along three dimensions:
banking penetration; availability of banking services; and usage of banking system. North-east
region is one of the most secluded terrains of India with low levels of financial inclusion and high
poverty. The level of financial inclusion for Assam and Meghalaya is very poor with extremely low
IFI values of 0.13 and 0.21 respectively (Bhanot, 2012).
The Banking Reform Bill 2012: The new Banking bill 2012, was passed in the Indian
Parliament in December, 2012 by the incumbent UPAII Government to accelerate the pace of
financial inclusion. According to this bill, nonbanking business players are also eligible to get the
banking license from the RBI. The bill has created the provision for RBI to supersede the board of
directors of the bank to check the books of account of the bank, its subsidiaries as well as its all
associated companies. The PSU banks can raise the fund from the public by right issue. The new
banking bill, 2012 can be viewed as a deliberate effort by the Central Government to eradicate the
financial exclusion. 26 applications were received by RBI from PSU, Private players as well as
NBFCs which includes the L&T Finance, the Tata Group, Reliance Capital, Aditya Birla Nuvo,
Bajaj Finserv, Videocon, IDFC, Muthoot Finance, India Bulls, Bandhan, Bangalore based
Janalakshmi Microfinance, Noida based little known Smart Global Ventures, Gurgaon based
advisory services firm INMACS Management, UAE Exchange of India: a remittance and
foreign exchange service firm, India Infoline, LIC Housing Finance, Religare, Edelweiss, Magma
Finance, SREI Infrastructure Finance Corporation, IFCI, The Department of Post (Government of
India), Tourism Finance Corporation of India, Suryamani Financing( part of Kolkata based Pawan
Kumar Ruia Group), JM Financial, Shriram Finance. The new banking bill, 2012 can be viewed as
a masterstroke by the Central Government to eradicate the curse of the financial exclusion in India
(Buisness Standard, 2013).
10
RBI on August 27 has suggested that after years of single-track approach to bank licensing, it could
consider different types of licenses, but did not elaborate. If this approach comes into force some of
the rules such as mandatory holding of 23% of deposits in government bonds, and four percent of
the deposits with the central bank may be waived. According to RBI as a consequence of
broadening and deepening of financial sector, some banks will be motivated to serve the niche
segment. This has certain obvious advantages in terms of managing business and risk
management. Some countries have a differentiated bank licensing regime where differentiated
licenses are issued specifically outlining the activities that the licensed entity can undertake. The
idea comes from Singapore which has five different kinds of licenses and Hong Kong has a three
tier structure. Indonesia recently moved to based on the "capital condition" of banks, and only those
institutions with hearty capital reserves will be eligible for the multiple licenses permitting multiple
activities (Sinha, 2013 ).
Hurdles faced by the Indian Banks : Indian banking sector is highly regulated. The major
challenges faced by the Indian banks are emerging threats from the shadow banking players. The
institutions such as the Non Banking Financial Companies (NBFCs), chit fund players, Nidhi
companies, local money lenders and indigenous banks are coming under the purview of shadow
banking as these institutions are functioning almost like the banks but they are not banks by nature.
The shadow banking sector is lightly regulated as a result often they are able to provide higher
return to the depositors than the bank. It is true that for successful implementation of the financial
inclusion, RBI has decided to distribute the new banking licenses. But in order to conform to the
International Standard of Basel III norms, huge amount of capital is required. Assuming an annual
credit growth rate from financial year 2012- financial year 2021 at 20 percent and the annual risk
weighted asset growth rate at 22 percent, tier I capital requirement for the public sector banks for
the same period will be Rs 9,60000 crores. Due to the high fiscal deficit of the nation, it is almost
impossible for the Government of India to infuse the equivalent amount of capital in public sector
banks. Simultaneously the Government is not at all willing to dilute its stake less than 51%
strategically (Dasgupta, 2013).
In spite of the odds and hurdles, The Scheduled Commercial banks have contributed to a
significant extent in the sphere of financial inclusion (Annexure- VII).
11
Role of NABARD in financial Inclusion: NABARD continued to manage two dedicated funds
i.e., Financial Inclusion Fund (FIF) for meeting the cost of developmental and promotional
interventions and Financial Inclusion Technology Fund (FITF) for meeting the cost of
technology adoption for financial inclusion. These Funds were instituted in NABARD by GOI in
2007. 08 as per the recommendations of Dr. Ranagarajan Committee. With effect from 01 April
2012. the relative margin (interest differentials) available to NABARD in excess of 0.5 per cent in respect of
deposits placed by banks under Rural Infrastructure Development Fund (RIDF) and Short Term Cooperative
Rural Credit (STCRC) is being credited to FIF. The Advisory Board with representation from GOI, RBI,
National Association of Software and Services Companies (NASSCOM), Insurance Regulatory and
Development Authority (IRDA) and Institute for Development and Research in Banking Technology
(IDRBT), under the chairmanship of NABARD, guides and renders policy advice in respect of management
of these Funds. As on 31 March 2013, the cumulative sanctions under FIF and FITF were 181.64 crores and
365.49 crores, respectively, against which, disbursements were 69.77 crores and 201.30 crores respectively,
(Annual report of NABARD for 2012-13, Annexure- VIII).
Role of Small Banks: The small banks play a very important role in the supply of credit to small
business units, small farmers and other unorganized sector entities. The need and the relevance of
small banks have been debated in India from time to time and accordingly various initiatives were
put in place to promote small banks geared towards small borrowers. As on March 31, 2013 there
were 64 RRBs (consolidated from 196 RRBs originally set up), 1606 urban co-operative banks
(UCBs), 31 State Co-operative Banks (StCBs), 371 District Central Co-operative Banks (DCCBs),
20 State Cooperative Agriculture and Rural Development Banks (SCARDBs) and 697 Primary
Cooperative Agriculture and Rural Development Banks (PCARDBs).
(Source: RBI Discussion Paper, 2013).
Financial Inclusion in West Bengal: District wise banking reach in West Bengal is analyzed
taking into account three different dimensions such as number of accounts per branch, number of
account per 100 adult person and number of adult population per branch. (Annexure-IX)
(Chattopadhyay,2011). State Level Bankers’ Committee (SLBC) in West Bengal is an inter-
institutional forum for coordination and joint implementation of development programmes and
policies by all the financial institutions operating in a State. Although SLBC is envisaged as a
12
bankers’ forum, Government Officials are also included (SLBC, 2013). The extent of success in
District wise banking penetration is determined by the time series data of credit deposit ratio
(Annexure-X).
Apart from these, SLBC has adopted several strategies to promote the financial inclusion agenda
in West Bengal (Annexure-XI). Dr. Pravat Kumar Kuri and Dr. Arindam Laha identified two
dimensions of financial inclusion namely availability and usage of banking services to measure the
index of Financial inclusion as well as to scrutinize inter district disparity of West Bengal in
terms of inclusive growth (Kuri and Laha ,2011), (Annexure-XII).
.
Role of Capital Market in Financial Inclusion; a New Dimension: The apex body of capital
Market, Security Exchange Board of India is willing to enhance retail participation in the market on
a continuous basis. The supernormal performance of Indian capital market is reflected glory
because the upward movement is not due to strong fundamental of the domestic companies. The
logic of superb performance of Sensex was due to huge inflow of funds by the Foreign
Institutional Investors to appropriate profit generated by the interest rate arbitrage (Annexure –
XIII). It requires no explanation that depending too much on external fund is very risky because
Foreign Institutional Investors are investing in India to appropriate the interest arbitrage
opportunity. Once recession takes place in the global economy, they immediately start to
liquidate their position to protect their home turf which creates a knee jerking effect for the nation.
If the domestic capital market can be made as self sustainable, the all on a sudden crash in the
capital market can be prevented to a large extent. The only solution is to reduce the overdependence
on Foreign Funds. This can be possible only if SEBI can win the trust and confidence of the
common people. As a regulatory body of the Indian capital market, SEBI has to ensure effective
and efficient corporate governance framework, easy accessibility of information and better
redressal of grievances of the investors. As per the recommendation of Kumar Mangalam Birla
Committee, SEBI clause 49 has been created by which SEBI can maintain a close supervision and
strict vigilance over the corporate governance practices of all listed companies in the Indian Capital
market. After the dematerialization of shares, individual can buy or sell any number of shares and
shares can be stored in the electronic format with the help of International Securities Identification
Numbers (ISIN). Thanks to the demat account, denomination required to invest in the share of a
company has become very less. This has
13
created an opportunity for the low income group people to participate in the domestic capital
market (Dhar, 2013).
SEBI has already started its investor empowerment program which can be broadly classified into
two categories- Investor education and financial education. SEBI has designed an investor
friendly website (http://investor.sebi.gov.in) which can be seen as part of its effort for promoting
its campaigns. Simultaneously SEBI is conducting different workshops and seminars with the
collaboration of brokerage firms and mass media (Annexure –XIV).
penetration of insurance sector in Indian market is not up to the mark. In India, ratio of insurance
premium paid with respect to GDP is 4.1% with respect to the world average 6.6% (Annexure-
XV). Indian insurance sector is considered to be the sunrise sector. The huge demographic dividend
makes Indian market more attractive for the insurance players. It is true that Insurance business is
slowly and steadily growing up for last couple of years. In terms of penetration, the total premium
as a percentage of GDP, the Indian insurance market, hovering in the range of 4-
14
by emphasizing on Customer Relationship Management, widening the existing customers’ base
and launching the software for integrated Grievance Redressal system. Bancassurance is cheaper
model where insurance companies are tying up with the banks to market their products through
banking channels. Simultaneously it is evident that private banks are selling insurance as a para
banking product by creating a subsidiary and PSU banks are selling insurance products by creating
a vertical division. Banks should develop their own technology taking into account the insurance
product so that insurance can be sold as a packaged product or integrated product. IRDA has
already adopted several strategies to promote, preach, profess and propagate the agenda of financial
inclusion (Annexure – XVII).
Pension Fund Regulatory and Development Authority Bill 2011: The Parliament of India
passed the Pension Fund Regulatory and Development Authority Bill 2011 on 4th September, 2013
which aims to create a regulator for the pension sector and extend the coverage of pension benefits
to more people. The Pension Fund Regulatory and Development Authority Bill 2011 will give
statutory powers Pension Fund Regulatory and Development Authority (PFRDA) which was
established in August 2003 as a regulator for the pension sector. At present most of the pure
pension products available in the market are linked with insurance coverage. The passage of the bill
could see pure pension products coming into the market (NDTV, 2013 ).
Conclusion: The recent Sarada group financial scam added a new dimension where after
investigation it was discovered that on 31st December, 2012, Rs 1.8crores was deposited in the
Dakshin Barasat branch of the Saradha group (Dutta, 2013). The fallout of Saradha group is directly
pinpointing to the factual premise that in spite of having huge potentiality of deposit mobilization
in suburban and rural area, the banking sector of India failed to utilize and appropriate it to
the greater interest of the country. The citizens of the nation had to pay a huge penalty for the
inefficiencies of the banking players. If this amount of fund could have been brought into Indian
banking system, it would enhance GDP of the nation to a significant extent. The real truth is that
alone banking sector cannot solve the total problem of financial exclusion. It is true that SEBI has
already taken a series of steps to market the capital market products such as equity shares, mutual
fund, bond and debentures in the rural areas. Like no frill account, SEBI should provide the
direction to the brokerage houses to open a Demat account for the poorer section of the population
at free of cost. The rural residents should not maintain a minimum cash
15
balance in their savings accounts. The brokerage houses should be advised to charge a lower rate of
brokerage from the poor villagers. This loss of revenue can be compensated by charging higher
brokerage from urban and wealthy investors. The price discrimination is ethical if it
follows the distributive, retributive and compensatory justice. The e xpectations will be both
unrealistic as well as irrational if it is assumed that all the rural villagers will start to subscribe and
trade in equity shares even if all the above-mentioned conditions are fulfilled. Initial ice breaking
exercise can be done through mutual fund.
The mutual fund is a safer option than equity as mutual fund is subject to the market risk only.
Mutual fund is a suitable option for the rural residents since no premium is charged in New Fund
Offer (NFO) and it is issued at par. In case of IPO of equity shares, issue price includes huge share
premium which the downtrodden section of the society cannot afford. The Systematic Investment
Plan (SIP) Scheme has come as blessings in disguise for retail investors. Certain amount of money
is deducted in every month from the savings account of the investor if the investor opts for SIP.
Investing in SIP is preferable option than investing in traditional mutual fund scheme as in the
former case investor is getting the opportunity to hedge the risk of market volatility over a certain
period of time (Dhar, 2013).
In the current scenario, insurance players should concentrate in four major areas such as
flexibility of the product, Personalization (Relationship with customer in life Insurance),
Experimentation (exploring new channels) and communication (via mobile and print media).
Microfinance activity cannot ensure the social welfare of the downtrodden poor mass to the fullest
extent unless and until Microfinance is accompanied by micro insurance. The micro insurance
scheme should take into account the power of sustainability, customer power, information
power, global investor power, power of simplicity, power of organization, power of reciprocation
and interdependence. For rural customer acquisition and retention, insurance players should
create trust and relevance through an ecosystem of stakeholders, define unique selling proposition
for rural customers, adopt the right set of influencer(Self Help Group or head of the Gram
Panchayat), devise low cost model for after sale support (partial disbursal of claim amount towards
meeting the funeral expenses of the life insured), derive micro insurance products,develop
innovative products such as crop and cattle insurance, invest in community development and
offering integrated product approach or bundling of products for better
coverage. Entrepreneurs and Finance Customer Association of India (EFCAI) urged Reserve
16
Bank of India (RBI) to allow the post offices to function as Banks on 19th August 2011. In a
memorandum submitted to RBI deputy governor, EFCAI pointed out that India has the world's
largest postal network in India with over 1.55 lakhs post offices, out of which 1.40 lakhs are in the
rural areas. If the RBI allows Indian Posts to start their own banking operations it will have the
potential to emerge as one of the biggest banks in the country and also ensure inclusive
growth. (Patnaik, 2011) The time has come for RBI to rethink about the proposal.
The different financial regulatory bodies such as RBI, SEBI, IRDA, Pension Regulatory Funds are
required to keep the long term vision in order to build the nation with sound economic growth and
sustainable development. The dream of real financial inclusion will be materialized only when the
entire population of the nation will be able to become beneficiary from the different financial
reforms made by the several regulatory bodies of the country. Despite all the odds, obstacles and
resistances it can be concluded unambiguously that the goal of the effective financial inclusion of
the Government of India will be achieved to a significant extent if all these dimensions, suggestions
and recommendations are taken into consideration.
17
Annexure–I. The reach of the Indian Banking sector
a. Position of households availing banking services in India
Serial Nature of Percent Number of Percent
Numb households Total number of households (As per
er Total number Number households (As availing banking Census
of households services 2011)
of (As per
Census households per (As per (As per Census
2001 ) (As per availing Census 2011)
Census banking 2011 )
Census
2001 ) services
2001)
(As per
Census
2001 )
1 Rural
138,271,559 41,639,949 30.1 167,826,730 91,369,805 54.4
2 Urban
53,692,376 26,590,693 49.5 78,865,937 53,444,983 67.8
Total 58.7
191,963,935 68,230,642 35.5 246,692,667 144,814,788
Source: RBI
1
Public Sector 22812 18422 14454 13502 69190
Banks
Foreign Banks
18
4 12451 3190 865 158 16664
Regional Rural
Banks
Source: RBI
C.Number of functioning branches of Scheduled Commercial banks during last three years
As on Total
Source: RBI
d.Number of branches of Scheduled Commercial Banks opened during last three years
Population group 2009-10 2010-11 2011-12
Source: RBI
e.No. of bank branches of SCBs over the years
Number of scheduled commercial bank branches as on 31st December, 1969 8,826
Source: RBI
19
f. Access to banking services in Major States of India
Serial Name of the States Access to the banking services in percentage
number
1 HP 89.1
2 Uttrakhand 80.7
3 Kerala 74.2
4 UP 72
5 JK 72
Maharashtra 68.9
6
Rajasthan 68
7
Punjab 65.2
8
Karnataka 61.1
9
All India 58.7
12
Gujarat 57.9
13
Jharkhand 54
14
AP 53.1
15
TN 52.5
16
Chattisgarh 48.8
17
WB 48.5
18
MP 46.6
19 Odisha 45
20 Bihar 44.5
21 Assam 44.1
22
Source: Department of Financial Services, Ministry of Finance, Government of India as in September 2012
20
Annexure –II Indicators of outreach of financial services in selected SAARC member countries
Serial Variable Afghanistan India Bangladesh Pakistan Nepal Sri Lanka
Number
1 Bank branches 2 10.11 5.16 8.68 4.19 9.05
per 100,000
population Bank
branches per 21.38
2 1000 Km2 Loan 0.49 26.46 43.14 11.73 5.26
account per -
3 1000 adults 3.32 89.03 54.73 21.93 -
4 Deposit 83.85 467.40 228.75 119.84 229.49 1891.74
account per
1000
adults
5 ATM per 0.39 7.29 - 4.06 1.81 12.29
100000
population
6 ATM per 1000 0.09 19.08 - 5.49 2.27 29.03
Km2
7 Financial - 29 44 48 57 34
Access Index - 49 35 55 - -
Rank
(Arora-60
countries)*
(WEF-57
countries)**
Source: Compiled from Financial Access 2010, www.cgap.org/financialindicators Arora Rashmi Umesh, (2010),
Measuring Financial Access, Griffith University, Australia, June;**World Economic Forum, 2010,
www.weforum.org
Annexure –III
a. Comparative Analysis between the Different Nations on the Basis of ATM Penetration
Serial Number Name of the nation Number of ATM per 1 lakh
population ( in the year of 2011)
1 Australia 166.92
2 Brazil 119.63
3 France 109.8
4 Russia 152.9
5 Mexico 45.77
6 India 8.9
7 World Average 33.9
Source: RBI
21
c) Number of ATMs in the country as on 30th September, 2012
Bank group Total
Annexure- V
a. All India Position of different Public Sector Commercial Banks in Microfinance Activities in March,
2012.
Serial Total Loans Total Loans
N
a
m
e
o
f
t
h
e
23
18 State Bank of 151415 274965.0 7564 15941.00 130310 232439.00
India
19 State Bank of 7365 34292.65 220 1028.64 6640 30893.95
Mysore
20 State Bank of 548 899.60 275 465.40 260 302.25
Patiala
21 State Bank of 5505 11338.67 1228 1914.31 5114 10544.02
Travancore
22 Syndicate 16053 35935.38 957 1756.41 15372 33629.58
Bank
23 UCO Bank 11399 11418.37 6014 5172.21 8587 9409.24
24 Union Bank 20819 12783.46 938 1079.38 17974 11074.54
of India
b. All India Position of different Private Sector Commercial Banks in Microfinance Activities in March,
2012
Serial Name of the No. of Total No. of No. of SHGs Total Loans
Numb banks SHGs Loans SHGs under Exclusively Disbursed
er Disbursed Swarnajayan Total Loans for women To Women
ti Gram Disbursed SHGs
Swarojgar under (Amount ` Rs
Yojana Swarnajayanti lakh)
Gram
Swarojgar
Yojana
25
Banks
Share of 95.08% 94.5% 97.35% 95.45% 94.96% 94.95%
PSU banks
Source : (NABARD, 2012)
Annexure- VI A comparative analysis between the Performance of Eastern Region of the Nation as well as
Performance across
26
deployed
Number of banking 27,353 54,246 82,300 54,947
outlets
in villages with
population
above 2,000
in villages with
population
outlets in villages
Of which
21,475 22,662 24,701 3,226
a. Through branches
Urban Locations
433
covered 3,757 5,875 5,442
through BCs
No-Frill accounts
General Purpose
Credit
Card (GCC)
Number of 0.9 1.0 1.3 0.4
Accounts
(millions)
28
Annexure –VIII The progress under FIF & FITF (As on 31 March 2013)
Name of the S D S D S D Cumulative Cumulative
fund 2010-11 2010-11 2011-12 2011-12 2012-13 2012-13 S D
As on 31st As on 31st
March ,2013 March ,2013
FIF* 19.00 9.21 75.96 18.90 67.02 33.31 181.64 69.77
FITF 101.11 54.01 221.07 128.39 22.01 17.14 365.49 201.30
Total 120.11 63.22 297.03 147.29 89.03 50.45 547.13 271.07
S = Sanction D
=Disbursement
S.Sanctions, D: Disbursements
*: Includes `56 crore sanctioned for two projects treated as withdrawn
Source : NABARD Annual Report
5
,
5
2
0
7
,
1
1
2
6 13 36 49 55 11,286 3
25 76
Burdwa 5,10 5 14,7
6 2
, 8
4
6 8
4 ,
7
7 2
, 4
n 3 35 66 68 76 63 2 11,011 1
2,14Birbhum 3,331 5,30414 40 55 14,9 8,2869 9,646 11,11
7,715
6 18 5 9
Dakshin 2,96 16,3 8,94 16,68
1
4
,
8
0
5
3
,
7
1
4
5
,
8
4
6
7
,
0
1
1
8
,
1
6
6
ng 7 38 81 81 96 8,610 8,470
87 4
5,40 7,918 10,33 10,43 13,2 12,4 12,65
Howrah
5 41 63 87 82 11,904 2
10 28 88
Hooghli 5,65 9 10,3 15,4 9,60
6 , 7
, 2
7 5
7 1
4
ri 9 14 35 41 50 17 24 14,033 2
Cooch 2,96 3,200 4,387 6,782 13 25 35 23,0 12,645 12,585 14,97
bihar 3 65 62 8
Kolkata 7,16 10,252 3 10,34 10,06 3,16 3,28 3,098 3,345
226 312 334 301 4
8 8 9
29
Maldah 2,64 25,5 10,9 13,75
3
,
0
9
2
4
,
5
4
0
7
,
0
4
2
0 10 28 39 51 11,559 1
95 81
Murshid 3,15 7,68 11,8 28,96
3
,
8
4
7
5
,
6
4
1
8
,
2
4
7
abad 4 41 33 41 28 4 23 13,715 5
4,46Nadia 5,225 7,50922 43 50 19,9 12,253 15,150 17,41
9,174
2 73 53 8
North 24 6,14 8,465 11,37 11,66 10,3 13,4 14,82
Parganas 6 3 2 68 84 90 48 44 92 15,546 5
Medinip 2,85 3,705 5,520 7,112 13 36 49 22,0 10,255 11,286 12,86
ur 6 25 76 3
5,10Purulia 6,464 7,52835 66 68 14,7 9,8076 11,011 11,50
8,724
3 63 2 1
South 24 2,14 3,331 5,304 7,715 14 40 55 14,9 8,2869 9,646 11,11
Parganas 6 18 5 9
Uttar 2,96 5 4 6
1
4 3 5
, , ,
8 7 8
0 1 4
Source : Working Paper Series, DEPARTMENT OF ECONOMIC AND POLICY RESEARCH : 8 / 2011, Reserve
Bank of India
30
Medinipu 9.86 07 .39 31 .89 81
r*
14 Murshida UBI 6361. 2352. 37 28 7625. 2771. 36 03 8223. 3162. 38
bad*
5 62 84 71
15 Nadia* UBI 7088. 9871. 10098 3531. 35
2017. 28 05 2659. 27 32
10 71 .29 20
16 Purulia* UBI 3722. 4082. 4419. 1818. 41
936.7 25 8 917.3 22 2
55 97 87 82
24- Allahabad 3703 7071. 19 3242518 8581. 20 5947815 11240 24
17 Parganas Bk 5.83 .28 .28 .29
(North)*
18 24- 9628. 3866. 11258 4594. 13232
6031.
Parganas
UBI 11 40 41 46
(South)* 47 .56 15 .84 90
* Indicates 10 identified districts for increasing CD Ratio by 5% over the position as on September 2012
Source : State Level Bankers’ Committee of West Bengal
The under noted twelve districts of the State have been identified as Minority concentrated districts:
i)
Howrah ii) Kolkata iii) Burdwan iv) Nadia v) 24 Parganas (N) vi) 24 Parganas (S) vii) Malda viii)
Murshidabad ix) Uttar Dinajpur x) Dakshin Dinajpur xi) Coochbehar and xii) Birbhum.
Position of outstanding credit to Minorities during last five years in West Bengal
i
n
R
s
.
Amt in %
%
31
Total 51560 60048 72625 80374 9168 16.46 20.94 10.67 14.08
priority 7
sector
credit in
the State
% to total 14.51 14.76 14.62 15.70 16.9 0.25 (-) 0.14 1.08 1.28
Priority 8
sector
credit
Source : State Level Bankers’ Committee of West Bengal
b. Rural Development & Self Employment Training Institute (RUDSETI) - A movement in self-
employment
RUDSETI was inaugurated at Rajpur by the Hon’ble Finance Minister, Govt. of West Bengal, on 14th August,
2007. in presence of UBI's Chairman & Managing Director Shri P K Gupta. The number of participants in the
inauguration ceremony was 100.
List of RSETIs already in place and functioning in the State are as under
No. Name of the RSETIs Name of the District Name of the sponsoring
Bank
1 UBI RUDSETI, Rajpur 24-Parganas (South) United Bank of India
2 R.K. Mission Samaj Howrah United Bank of India
Sevak Shikshan Mandir,
Belurmath
3 UBI Shamayita Math Bankura United Bank of India
RUDSETI, Amarkanan
4 UBI RSETI, Uttar Uttar Dinajpur United Bank of India
Dinajpur, Durgapur (near
Raiganj)
5 UCO EDC, Howrah Howrah UCO Bank
6 RUDSETI, Berhampore, Murshidabad Syndicate Bank & Canara
Bhakuri Bank
7 ABFETI, Paschim Paschim Medinipur Allahabad Bank
Beguni, PS-Debra
8 ABFETI, Bolepur Birbhum Allahabad bank
9 CBI, RSETI, Jalpaiguri Jalpaiguri Central Bank
10 Bank of India, RSETI 24 Parganas (N) Bank of India
11 SBI RSETI Malda SBI
12 SBI RSETI Nadia SBI
13 UCO RSETI Burdwan UCO Bank
14 PNB, RSETI, CONTAI, Purbe Medinipur PNB
15 CBI RSETI, SILIGURI Darjeeling CBI
16 UBI RSETI, Balurghat Dk Dinajpur United Bank of India
17 UBI, RSETI, Purulia, Purulia United Bank of India
18 Hotel Pinaki Sadan,,
Namopara
UCO RSETI, Hooghly, Hooghly UCO Bank
near Mankundu Station
32
RSETI= Rural Self Employment Training Institute ABFETI= Association
of Bank Financial Education Technology Institute
The meeting of the Subcommittee of SLBC on FLC was last held on 13th February, 2013, proceedings of which with
action points emerging is annexed. Some of the salient points are:
FLCs can also be established in other areas by non lead banks / lead banks.
The FLCs and rural branches of the banks would also conduct outdoor Financial Literacy Camps with focus
on financially excluded people at least once in a month.
At present the following 27 FLCCs are functioning in the State. List of FLCCs are mentioned below-
Sl no. Name of the center District Sponsoring Bank Lead Bank
1 Rajpur 24 Pgs (S) UBI UBI
2 Tollygunj Kolkata Allahabad Bank -
3 Suri Birbhum UCO Bank UCO Bank
4 Chinsura Hooghly UCO Bank UCO Bank
5 Barasat 24 Pgs (N) BOI Allahabad Bank
6 Raiganj Uttar Dinajpur UBI UBI
7 Balurghat Dk Dinajpur UBI UBI
8 Belurmath Howrah UBI UCO Bank
9 Howrah GT Road Howrah UCO Bank UCO Bank
(S)
10 Lalgola Murshidabad CBI UBI
11 Barasat 24 Pgs (N) Allahabad Bank Allahabad Bank
12 Krishnanagar Nadia UBI UBI
13 Bankura Bankura UBI UBI
14 Jalpaiguri Jalpaiguri CBI CBI
15 Kalna Road, Burdwan UCO Bank UCO Bank
Burdwan
16 LDM Office Uttar Dinajpur UBI UBI
17 LDM Office Purulia UBI UBI
18 LDM Office Malda UBI UBI
19 LDM Office Purba Medinipur UBI UBI
20 LDM Office Paschim Medinipur UBI UBI
21 LDM Office 24-Parganas (South) UBI UBI
22 LDM Office Murshidabad UBI UBI
23 LDM Office Cooch Behar CBI CBI
24 LDM Office Hooghly UCO Bank UCO Bank
25 LDM Office Birbhum UCO bank UCO Bank
26 LDM Office 24-Parganas (North) Allahabad bank Allahabad bank
27 LDM Office Dakshin Dinajpur UBI UBI
LDM= Lead District Manager’s Office Source : State
Level Bankers’ Committee of West Bengal
33
Annexure – XII Index of Financial Inclusion across different districts in West Bengal
District D1 (Index D2 (Index IFI Rank
for for
Availability) Usage)
Kolkata 1 1 1 1
Darjeeling 0.261631 0.091133 0.171982 2
Burdwan 0.119469 0.049571 0.083853
3
Birbhum 0.127472 0.025329 0.074989
4
North 24-Parganas 0.059191 0.082568 0.070806
56
Howrah 0.057365 0.07008
0.08297 78
0.03389 0.054913
Hooghly 9
0.014139 0.043527
0.076415
0.010304 0.041251 10
Bankura
0.073847 0.004586 0.034946 11
Midnapore 0.016983 0.030133 12
0.073231
0.000336 0.025885 13
Malda
0.002153 0.016029 14
0.066293
Purulia 0.008173 0.0114 15
0.043464 0.016538
0.010635 16
Cooch Behar
0.052121 0.006378 17
Dakshin Dinajpur 0.009743 0.00486 18
0.030103
0.005231 0.00381 19
Jalpaiguri
0.129828 0.12654
0.014637
Nadia
0.004767 Mursidabad
0.012798 South 24-Parganas
Uttar Dinajpur
0.002391 West Bengal
0.123265
Methodology: Composite Index of Financial Inclusion= 1 – [ (1-d1)2 + (1-d2)2+ }/2 ]1/2
Penetration = (d1) = number of bank accounts (per 1000 adult population ) Availability= (d2) = the volume of credit
and deposit as proportion of the state’s Net State Domestic Product Calculation based on Economic Review of West
Bengal, 2009-10, Report on State Domestic Product and District Domestic Product of West Bengal, 1999-00 to
2005-06,and Census 2001.
Source: (Kuri and Laha ,2011)
34
1993-94 5,593 467 5,127 1,634 1,638
35
b. Trends in Awareness Programs/Workshops Conducted by SEBI
Region 2007-08 2008-09 2009-10 2010-11 2011-12
HO 3 4 13 25 9
ERO 0 0 0 18 35
NRO 1 0 3 31 72
WRO 0 8 10 28 19
SRO 11 14 14 47 43
37
Annexure – XVII Contributory role played by IRDA in Financial inclusion
Gist of IRDA Guidelines/Circulars/Notifications from 16th to 20th July 2012
38
Bibliography
Bali, S. a. (2013 ). Opportunities in Indian Insurance- New Places ,Faces, Spaces . Kolkata : Accenture .
Bengal, G. O. (2013 , September 20). State Level Bankers' Committee , West Bengal . Financial Inclusion Details.
Kolkata , West Bengal , India : United Bank of India . Retrieved from State Level Banker's Committtee .
Bhanot, D. ,. (2012). Studying financial inclusion in North East India. International Journal of Bank Marketing , 30
(6), 465-484.
Bihari, S. C. (2011). "Growth Through Financial Inclusion in India". Journal of International Business Ethics , 4
(1), 28-41.
Byrne, D. (1999). Social Exclusion. Buckingham: Open University Press.
Chattopadhyay, Sadhan Kumar. Financial Inclusion in India: A case-study of West Bengal . 1 August 2011 . 30
September 2013 <http://www.rbi.org.in/scripts/PublicationsView.aspx?id=13517>.
Dasgupta, A. a. (2013 ). Indian Banking -the Engine for Sustaining India's Growth Agenda . Kolkata : KPMG.
Demirguc-Kunt, A. a. (2011 ). Measuring Financial Inclusion ,The Global Financial Inclusion Index (Global
Findex) . The World Bank Development Research Group and Bill & Melinda Gates Foundation .
(DEPR), Department of Banking Operations and Development (DBOD) and Department of Economic Policy and
Research. "Discussion Paper." Banking Structure in India - The Way Forward. Mumbai : Reserve Bank of India ,
August 2013 .
Dhar, S. K. (2013). 4th International Conference on Technical and Managerial Innovation in Computing and
Communications in Industry and Academia. Financial Inclusion Plan in India and its Braoder Perspectives (pp.
294-310). Kolkata: Institution of Engineering and Management in Collboration with IEEE Calcutta Chapter.
Dhar, S. K. (2010). Financial Inclusion, Call of the Day. Prism India , 7 (3), 21-24.
Dhar, S. K. (2011). " Union Budget of India for 2011-12: Its Scope and Direction". Prism India , VIII (II), 11-14.
Dhar, S. K. (2013). Marketing the Financial Services to the Unbanked Population. Deutschland : LAMBERT
Academic Publishing.
Dhar, S. K. (2013, May). Working Paper. “Marketing and Providing the Banking Services to the Unbanked
Population- is it Necessary and Sufficient Condition for Financial Inclusion?” . Kolkata, West Bengal, India: Social
Science Research Network.
Dongre, Y. a. (2010). "Building Access to Healthcare in Rural India: Possibility and Feasibility of Low-Cost
Medicine". International Journal of Pharmaceutical and Healthcare Marketing , 4 (4), 396-407.
Due, J. F. (1994). Efficiency ,Optimality and the Allocation of Resources . In J. F. Due, Government Finance (pp. 9-
25). New Delhi : A.I.T.B.S Publishers and Distributors .
Dutta, S. (2013 , April 27 ). ‘Cheat’ fund: The inside story of Sudipto Sen & Saradha group . Retrieved June 8, 2013
, from Zeenews.com : http://zeenews.india.com/blog/cheat-fund-the-inside-story-of-sudipto-sen-and-saradha-
group_6281.html
39
Gupta, V. a. (2006 ). Case Study . 'Labour Market Reforms in France and the Job Law CPE - a Lost Opportunity'?
Hyderabad, Andhra Pradesh , India : ICMR Center for Management Research
.Haq, M. U. (1990). Human Development Index . Retrieved August 3, 2013 , from HDI :
http://en.wikipedia.org/wiki/Human_Development_Index
Hassan, M. K.-G. (1997). The experience of the Grameen Bank of Bangladesh in community development.
International Journal of Social Economics , 24 (12), 1488 - 1523.
Jackson, M. J. (2011). Quality as a gap analysis of college students’ expectations. Quality Assurance in Education ,
19 (4), 392-412.
JONES, P. A. (2006). Giving Credit where it’s Due:Promoting Financial Inclusion through Quality Credit Unions.
Local Economy , 21 (1), 36-48.
Kashyap, P. a. (2009). The Rural Marketing Book. New Delhi: Biztantra
Krishnamacharyulu, C. a. (2006). Rural Marketing Text and Cases. New Delhi: Dorling Kindersley.
Kumar, B. a. (2011 ). Financial Inclusion and Inclusive Develoment in SAARC Countries with Special Reference to
India. Vilakshan, XIMB Journal of Management , 13-22 .
Kuri, Dr. Pravat Kumar and Dr. Arindam Laha. DETERMINANTS OF FINANCIAL INCLUSION: A STUDY OF
SOME SELECTED DISTRICTS OF WEST BENGAL, INDIA. Indian Council of Social Scinece Research Major
Project. Burdwan.: Department of Economics, The University of Burdwan, 2011 .
Michael, C. a. (2009). Financial Inclusion, Poverty Reduction and the Millennium Development Goals. European
Journal of Development Research , 21 (2), 213-230.
MOSCHINI GIANCARLO, L. M. (2008). Geographical Indications and the Competitive Provision of Quality in
Agricultural Markets. American Agricultural Economics Association , 90 (3), 794-812.
NDTV. (2013 , September 4). Lok Sabha passes Pension Bill: 10 key facts . Retrieved September 11, 2013 , from
NDTV : http://profit.ndtv.com/news/cheat-sheet/article-lok-sabha-passes-pension-bill-10-key-facts-326741
Paninchukunnath, A. (2010). "3P Framework: Rural Marketing in India". SCMS Journal of Indian Management ,
54-67.
Patnaik, N. (2011, August 19). EFCAI urges RBI to allow post offices function as banks . Retrieved September 14,
2013. from The Economic Times : http://articles.economictimes.indiatimes.com/2011-08-
19/news/29905335_1_post-offices-banking-operations-banking-system
Pearce, D. a. (2012 ). Financial Inclusion Strategies Reference Framework . Washington: World Bank .
Sinha, S. (2013 , September 3). Differentiated licensing talk gives banking aspirants hope. Retrieved September 11,
2013 , from The Economic Times : http://articles.economictimes.indiatimes.com/2013-09-
03/news/41726891_1_banking-licence-banking-license-bandhan-financial-services
Velasquez, M. G. (2007). "Business Ethics:Concepts and Cases " (6 ed.). New Delhi: Prentice Hall of India Private
Limited.
Whitelaw, S. E. (2011). "Developing Social Marketing Capacity to Address Health Issues". Health Education , 111
(4), 396-407.
40
41