The Impact Of Syndicate Bank’S Financial Inclusion Initiatives In Kotekar, Mangalore
Arunesh Kumar Shetty
Department of Commerce, St. Aloysius College, Kotekar Beeri, Mangalore, Karnataka
Abstract
A large segment of the world’s population fall below the poverty line; and it is this vulnerable group which has low/no income who are excluded from most of the basic financial services provided by the financial sector. Including them into the main economic stream has been the focus of Governments and financial institutions in the last couple of decades. This results in a win-win situation as it raises the standard of living of the masses on the one hand and it helps to promote economic development and stimulates inclusive growth on the other.
This paper attempts to study the initiatives adopted by the Indian commercial Banks in terms of technology, distribution channels, and proposals for financial education of the unbanked masses with the aim to benefit the banks who have not yet implemented any of the initiatives. Further, the benefits will also automatically extend to the general public to create awareness regarding the procedure which is to be undertaken to avail the facilities offered by banks as a result of financial inclusion and to widen the horizon of banks by including the unbanked masses.
The preliminary objective of this paper is to identify the strategies adopted by Syndicate Bank, Mangalore
District in banked areas so as to study the possibilities of extending it to Kotekar an unbanked area in Mangalore District. Primary data will be collected by means of a questionnaire to explore the potential predictors of financial inclusion in areas that are geographically excluded from the financial mainstream. The study will focus on the relationship among the demographic variables and its impact on financial inclusion.
The findings of the paper will reveal vital insight to both banks and policy makers for successful implementation of the ‘policy of financial inclusion for sustainable growth of Indian economy’