Role of Banks in Financial Inclusion in Jammu and Kashmir State

Abstract

Objective of study is to analyze Role of Banks in Financial inclusion in JandK State. Financial inclusion has now become a common talk of not only people but also of the rule makers in India. Financial inclusion is about making financial services available to poor and low income groups of the populace at affordable cost. It means bringing the rural people under the umbrella of financial services and products. In order to analyze the impact of banks on financial inclusion, researcher has analyzed various numbers of books, journals, reports of governments. Significant reason behind this study is to identify the groups that are targeted by banks for financial inclusion and also check the awareness level of the people regarding to various schemes offered by banks. It was very time consuming to collect data from whole JandK state so the Baramulla district was selected for data collection. Data was collected from both private sector as well as public sector banks. Data was collected on the basis of random sampling. In present study sample size of 150 people was selected belonging to the different age groups, income groups, occupations and regions. Data was collected by using the unstructured questionnaire. Because of deductive nature of study along with objectives the hypothesis was also set. First hypothesis that was set there is no significant association between age group and number of bank accounts; second hypothesis was there is no significant relationship between the income and number of bank accounts. Both these hypothesis were set according to the first objective of study. Third hypothesis there is no relationship between the awareness level and the number of bank accounts of the respondents was set according to second objective. SPSS software was used in analyzing data. Many tests were used such as ANOVA, Chi-Square and Percentage. At the end suggestions for the future scope of research on the same topic was also given. newline