https://doi.org/10.1016/j.cya.2017.01.007
Paper Research
Role of banks in financial inclusion in India
Papel de los
bancos en la inclusión financiera en la India
Badar Alam Iqbala1, 2, 3.
Shaista Sami1
1Department of Commerce,
Aligarh Muslim University, Aligarh, UP, India
2International University
of Business, Agriculture and Technology, Dhaka, Bangladesh
3Guest Editor,
Transnational Corporations Review, Taylor & Francis, UK
Corresponding author: Badar
Alam Iqbala, email:
dr.iqbal@monarch-university.ch
Abstract
Financial inclusion is
emerging as a new paradigm of economic growth that plays major role in driving away
the poverty from the country. It refers to delivery of banking services to
masses including privileged and disadvantaged people at an affordable terms and
conditions. Financial inclusion is important priority of the country in terms
of economic growth and advanceness of society. It
enables to reduce the gap between rich and poor population. In the current
scenario financial institutions are the robust pillars of progress, economic
growth and development of the economy. The present study aims to examine the
impact of financial inclusion on growth of the economy over a period of seven
years. Secondary data is used which has been analyzed by multiple regression
model as a main statistical tool. Results of the study found positive and
significant impact of number of bank branch and Credit deposit ratio on GDP of
the country, whereas an insignificant impact has been observed in case of ATMs
growth on Indian GDP.
Keywords: Financial inclusion, Banking sector, GDP, ATMs,
Credit deposit ratio.
JEL classification: E59, G21, G29.
Resumen
La inclusión financiera se está convirtiendo en un nuevo
paradigma de crecimiento económico que desempeña un papel importante en la
eliminación de la pobreza del país. Se refiere a la prestación de servicios
bancarios a las masas, incluyendo los privilegiados y desfavorecidos en unas
condiciones asequibles. La inclusión financiera es una prioridad importante del
país en términos de crecimiento económico y avances de la sociedad. Permite
reducir la brecha entre la población rica y la pobre. En el escenario actual
las instituciones financieras son los sólidos pilares del progreso, el
crecimiento económico y el desarrollo de la economía. El presente estudio tiene
como objetivo examinar el impacto de la inclusión financiera en el crecimiento
de la economía durante un período de 7 años. Se utilizan datos secundarios que
han sido analizados por modelo de regresión múltiple como herramienta
estadística principal. Los resultados del estudio encontraron un impacto
positivo y significativo del número de sucursales bancarias y la proporción de
depósitos de crédito sobre el PIB del país, mientras que se observó un impacto
insignificante en el caso de los cajeros automáticos de crecimiento en el PIB
de la India.
Palabras clave: Inclusión financiera, Sector bancario, PIB,
Cajeros automáticos, Relación de depósito de crédito.
Códigos JEL: E59, G21, G29.
Received: 01/08/2015
Accepted: 10/09/2016
Introduction
India is a country of 1.2 billion people, spread across 29 states and seven union territories. There are around 600,000 villages and 640 districts in our country. A vast majority of the population, especially in rural areas, is excluded from the easy access to finance ( Gounasegaran, Kuriakose, & Iyer, 2013 ). Forty per cent of the households having bank accounts, but only 38 per cent of the 117,200 branches of scheduled commercial banks are working in rural areas. Accessibility of financial services at affordable and appropriate prices has been always a global issue. Hence, an inclusive financial system is required widely not only in India, but has become a policy priority in various countries. Financial access can surely improve the financial condition and living standard of the poor and the deprived section. So, RBI has been continuously stimulating the banking sector to extend the banking network both by setting up of new branches and installation of new ATMs ( Dangi & Kumar, 2013 ). Financial inclusion means the delivery of financial services, including banking services and credit, at an affordable cost to the vast sections of disadvantaged and low-income groups who tend to be excluding ( Chhabra, 2015 ). Financial inclusion takes into account the participation of vulnerable groups such as weaker sections of the society and low income groups, based on the extent of their access to financial services such as savings and payment account, credit insurance, pensions etc. ( Singh et al., 2014).
The different financial
services include access to savings, loans, insurance, payments and remittance
facilities offered by the formal financial system. This aspect of financial
inclusion is of vital importance in providing economic security to individuals
and families ( Kelkar, 2014 ). India is one country
where the Financial Stability and Development Council (FSDC) have a specific
mandate for financial inclusion and financial literacy. There is a separate
Technical Group on Financial Inclusion and Financial Literacy under the aegis
of FSDC with representation from all the financial sector regulators. In order
to spearhead efforts towards greater financial inclusion, RBI has constituted a
Financial Inclusion Advisory Committee (FIAC) under the Chairmanship of a
Deputy Governor from RBI.
Definition
Financial Inclusion is
defined as “the process of ensuring access to financial services and timely and
adequate credit where needed by vulnerable groups such as weaker sections and
low income groups at an affordable cost” ( Rangarajan, 2008 ) in the report of the
Committee on financial inclusion in India. During April 2012, World Bank
carried out a study which revealed that only 9 per cent individuals’ avails new
loans from banks in the previous year and 35 per cent population are having
formal bank accounts in India whereas in the case of developing economies it is
41 per cent.
“Financial inclusion is
the process of ensuring access to appropriate financial products and services
needed by all sections of society including vulnerable groups such as weaker
sections and low income groups at an affordable cost in a fair and transparent
manner by mainstream institutional players” ( Chakrabarty, 2013 ). The aim of Financial
Inclusion (FI) is to make easy access of financial services to the large
underprivileged population of the country. It is an attempt for achieving
inclusive growth of the society by making availability of finance to the
deprived section of population. In order to reap the benefits of the financial
services, lot of measures has been taken by Government of India in the favour of poor and neglected section of the society.
Factors affecting access to financial
services
Financial Inclusion, on
the one hand, is a process aiming at providing banking services like saving
account, credit facility, and insurance product to weaker sections of the
society. While on the other hand, it refers to the objective of ensuring
financial services (banking, insurance, and capital market services) and timely
and adequate credit to every section of the society as well as of the economy.
Access to financial services has been recognized as an important aspect of
development and more emphasis is given to extending financial services to
low-income households as the poor lack the education and knowledge needed to
understand financial services that are available to them. The lack of financial
access limits the range of services and credits for household and enterprises.
Although there is some evidence that access is improving but still there are
multiple factors which have affected the access to financial services.
Place of living
Most of commercial banks
operate only in commercial areas and these banks set their branches in
profitable areas. Hence population lives in rural areas find it difficult to
access the financial services. Although effective distance is as much about
transportation infrastructure as physical distance, factors like density of
population, rural and remote areas, mobility of the population (i.e., highly
mobile people with no fixed or formal address) etc. also affect access to these
services.
Absence of legal identity and gender
biasness
Minorities, economic and
political migrants, refugee workers and women's are
excluded from accessing financial services due to lack of legal identities such
as original birth certificates and identity cards. It is generally difficult to
access credit facilities for those females, who do not possess property and
assets. They also needed male guarantee to access the credit from any financial
institutions.
Limited knowledge of financial
services
Incomplete basic education
and financial literacy are the major hurdles in order to access various
financial services to the individuals. They do not Know the significance of
different financial products i.e., bank accounts, cheque
facility, bank loan or overdraft and insurance. If people having proper
financial literacy, it boost up the use of many
financial products by different economic agents like Business Correspondents,
NGOs and MFIs and etc.
Level of income and bank charges
Financial prominence of
people is always plays a pivotal role in accessing available financial
services. It is impossible for poor people to access financial services even
when these services are made for lower income level group. Moreover
in India, a lot of hidden bank charges which has been demotivated poor persons
in availing these services.
Rigid terms and conditions
People are also least
interested using such type of financial products or services which are attached
with some inflexible terms and conditions. Many financial institutions having
different rules relating with the use of accounts like minimum balance
requirements.
Type of business
Nature of occupation
also an important factor in availing the financial services, whether it is
small scale, large scale, organized and unorganized firm. Most of the banks do
not preferred the small borrowers and unorganized enterprise for giving loans.
Hence these loan applications tends to be rejected.
Review of literature
Many studies ( Aghion & Bolton, 1997;
Banerjee & Newman, 1993; Banerjee, 2001 ) discussed that access to finance
has been seen as a critical factor in enabling people to transform their
production, employment activities and to exit poverty. Researchers have been
argued that the very fundamental activity of the banking sector, delivery of
credit, are essential to boost any economic activity and enables the generation
of capabilities ( Sen, 2000). Dangi and Kumar (2013) examined the
initiatives and policy measures taken by RBI and Government of India. This
study also focused on current status and future prospects of financial
inclusion in India. It has been concluded that financial inclusion shows
progressive and valuable changes but sufficient provisions should be
incorporate in the business model to certify that the poor are not driven away
from banking. Suryanarayana (2008) focused on definition
of inclusion/exclusion with reference to an outcome scenario for broad-based
growth as reflected in estimates of production, income, and consumption
distribution. The study helps in drawing a sketch of occupational, social,
regional profiles of the excluded in the mainstream growth process. Hence
researcher made an attempt to provide a perspective, a measure of inclusion,
and finally an evaluation based on the available estimates of consumption
distribution for the year 2004–2005 for India. Agrawal
(2008) studied the financial inclusion from the behavioural
perspective based on both factors supply and demand end. Results revealed that
evaluation from the behavioural perspective provided
the scope for the policy-makers and marketers to strategically align their
approach with the behavioural aspect, without
confining their thoughts to the economical evaluations.
On the other hand, in
2003, the RBI policy of financial inclusion was to provide access to financial
service to the underprivileged could be earmarked as another bold initiative in
serving the rural transects targeting inclusive growth. Committee on financial
inclusion in 2008 (Rangarajan Committee) observed
that financial inclusion to hitherto excluded segments of the population was
critical to sustain and accelerate growth momentum. For achievement of the
objective, the committee had put forward multi-pronged strategies include
establishment of National mission on financial inclusion, revitalizing the RRBs
and Cooperatives, introducing MFI model (SHG-bank linkage) and Business
Facilitator and Business Correspondents Model. Mukherjee
and Chakraborty (2012) studied the role and efficiency of the commercial
banks in Jharkhand state with their capacity and role of institutions like
regional rural banks (RRBs), self-help groups (SHGs), non-banking financial
companies (NBFCs) for the purpose of promoting financial inclusion. The results
of analysis shown that banks were not able to achieve the desired aims and
study suggested that every bank should reports to the RBI on its achievement on
financial inclusion more frequently. Uma
and Rupa (2013) made an attempt to examine the
role of SHGs in financial inclusion and reflected the positive relationship
between SHGs membership and financial inclusion. The study revealed that after
the membership to SHGs there was increase in the number of bank accounts,
credit availed by the members and annual repayment of the loan also shown
positive trend.
Joseph and Varghese (2014) analyzed the
effect of financial inclusion on the development of Indian economy by bank
growth rate in terms of number of bank branches, usage of debit card and credit
cards. It has been observed that the usage of debit cards increased
tremendously throughout the study period and decreased the number of people
with access to the products and services offered by the banking system
continues to be very limited, even years after introduction of inclusive
banking initiatives in the country. Ravikumar (n.d.) made an attempt to
assess the role of banking sector in financial inclusion process from different
viewpoints namely branch penetration, ATM penetration, population per branch,
distribution of banking branches, credits, deposits of SCBs and Co- operative
banks in India. This study revealed that banking is a key driver for financial
inclusion/inclusive growth but large proportion of population excluded from the
formal financial system also show higher poverty ratios and higher inequality. Paramasivan and Ganeshkumar (2013) discussed the overview of financial
inclusion in India and concluded that branch density has a significant impact
on financial inclusion. Julie (2013) analyzed the
relationship between financial inclusion and economic growth in Kenya and found
that both have a strong positive relationship. Economic growth has a strong
positive relationship with branch networks and a weak positive relationship
with the number of mobile money users/accounts. The study also concluded the
weak negative relationship with the number of automated teller machines in the
country and a strong negative relationship with the bank lending interest
rates. Study conducted in India by Kamboj
(2014) found out the positive relationship between number of bank branch
networks and number of ATMs in the country with the GDP growth rate of the
country.
Research gap
Financial inclusion is an
important step towards inclusive growth. It helps in the overall economic
development of the underprivileged population. In India effective financial
inclusion is needed for upliftment of the poor and
disadvantaged people by providing them the modified financial products and
services. This leads to inclusive growth encompassing the deprived and
marginalized sections. Some studies are done on the financial inclusion by
analyzing selected banks and other work has been found on state wise growth of
financial inclusion. A few studies have been analyzed the impact of financial
inclusion on Indian economic growth and found mixed results. With this
backdrop, this research study is an attempt to find out the present scenario of
financial inclusion in India and assessing the role of financial inclusion in
economic growth of the country.
Objectives
- 1. To examine present scenario of financial
inclusion in India.
- 2. To
investigate the major factors affecting access to financial services.
- 3. To study
the impact of financial inclusion indicators on growth of Indian economy.
Research methodology
This study is based on
secondary data that was mainly collected from Report of RBI, Ministry of
Finance, Government of India, Reports on trend and progress of banking in India,
Newspapers, Research Articles, Research Journals, E-Journals, Books and
Magazines. Various websites were also used like RBI, Ministry of Finance, and
Government of India (GoI). The period under
consideration for the study is seven years from 2007–2008 to 2013–2014. Data
has been analyzed by applying multiple regression as a main statistical tool.
Multiple regression analysis has been used to establish an empirical
relationship between Financial Inclusion and growth of the country. The present
study taking Gross Domestic Product (GDP) as a dependent variable and
independent variables are Number of Bank Branches in the country, ATMs growth
rate across the country and Credit deposit ratio.
where Y = Gross Domestic Product
(GDP)
X1 = Number
of Bank Branches
X2 = ATMs
growth rate
X3 = Credit
deposit ratio
Hypothesis of the study
On the basis of the
objectives of the study, following hypothesis has been formulated: H01
There is no significant
impact of financial inclusion on the growth of Indian economy.
HA1 There is a significant
impact of financial inclusion on the growth of Indian economy.
Sub-hypotheses
H01.1 There is no significant impact of Number of bank branches on Indian GDP.
HA1.1 There is a significant
impact of Number of bank branches on Indian GDP.
H01.2 There is no significant impact
of ATM growth on GDP of Indian economy.
HA1.2 There is a significant
impact of ATM growth on GDP of Indian economy.
H01.3 There is no significant
impact of Credit deposit ratio on GDP of Indian economy.
HA1.3 There is a significant
impact of Credit deposit ratio on GDP of Indian economy.
Financial inclusion and Indian
banking network
The RBI has encouraged
banks to implement a planned and structured Financial Inclusion Plans (FIPs) for
the growth and development of the country. The first phase of FIPs was covered
a time period of three years which has started from 2010 and ends in 2013. FIPs
have been used by Reserve Bank of India (RBI) for measuring the banks
performance under their FI initiatives. Table
1
displays that a large number of bank accounts have been opened during this
period and shaped a big banking network across the country. Despite, the
results of first FIP witnessed that there has been insignificant improvement
operations in terms of transactions. Hence, banks were instructed to draw up
new three-year FIP from 2013 to 2016 for ensuring meaningful access of
financial services.
A snapshot of the
performance of banks under FIP up to March 31, 2014 is:
The number of banking outlets
were 115,350 opened during the period of 2013–2016 which has been increased up
the total number of outlets nearly 384,000. It is demonstrated by Table 1 that the number of BCs outlets
opened in urban areas have increased up to 60,730 in the year of 2014 out of
which 33,587 outlets opened during the year 2013–2014. It is a significant
increment in number of BCs outlets. During the year 2013–2014 the number of
basic savings bank deposit accounts (BSBDAs) opened were 60.9 million and total
number of BSBDAs reached up to 243 million.
The number of small farm
sector credits recorded a growth of 40 million in 2013–2014 out of these 6.2
million KCCs recorded during the year 2013–2014. Along with that the number of
small non-farm sector credit cards were 3.8 million during 2013–2014 and total
number was 7 million over the whole period of FIP. Table 1 further revealed that the 329
million transactions were carried out in BC-ICT accounts at the end of March
2014 and recorded a growth of 79 million transactions in 2013–2014.
Table 2 shows the Bank group as well as
population group wise number of bank branches in India as on 2014. From the
table it is clear that all the bank groups operate more in rural areas except
private and foreign banks. These groups dominate in metropolitan area with more
branches compared to other area.
Fig. 1 shows the Bank group as well as population
wise growth trend of number of bank branches over the India as on 31st December
2014. It is clear from the graph that SBI and its associates, public sector and
regional rural banks are operates more in rural areas compared to others. The
overall growth in rural and semi urban areas is comparatively more compared to
urban and metropolitan. The private sector banks dominate in semi-urban areas
with 6155 bank branches whereas foreign banks dominate in metropolitan area.
The total number of functioning bank branches are122, 294 across the country.
Data analysis
GDP is an important
economic indicator to find out the growth of a country and it is widely used by
researchers ( Chithra & Selvam, 2013; Kamboj, 2014 ). Fig. 2 illustrates Gross Domestic Product
(GDP) of India during a period of seven years starting from the financial year
2008–2009 to the financial year 2013–2014. GDP has been on continuous increase
during these financial years. In 2008–2009 GDP recorded 4582,086, it was noted
at a level of 5303,567 in financial year 2009–10 (an increase of 15.75% from
the previous financial year). GDP shows 18.7% growth in the year 2010–2011,
which is the highest growth over the period of time ( Table 3).
Fig. 3 shows the trend of number of
functioning branches of Scheduled Commercial Banks (SCBs) in the country. It is
clear from the graph that bank branches showing an increasing trend over the
period of seven year. There were 61,132 bank branches in 2007–2008 that has
been increased up to 117,200 in 2013–2014. The highest growth (31.2%) has been
marked during the year 2008–2009 and lowest growth (4.1%) recorded in the year
2012–2013 in number of bank branches across the country.
The study also covered
the Automatic Teller Machines (ATMs) in India as an indicator of financial inclusion
growth. The number of ATMs has continuously increasing from the financial year
2007–2008 to the financial year 2013–2014. Fig.
4
depicts growth rate of ATMs across the country and 40.38% maximum growth has
been noticed during the year 2013–2014. Minimum growth has been observed in
2012–2013 and it is dropped from 28.43% to 19.5%.
Fig. 5 demonstrates the credit deposit
ratio during the period of seven financial years which is started from
2007–2008 to 2013–2014. The remarkable growth has been observed in the year
2011–2012 and maximum declined recorded in 2008–2009. Credit deposit ratio is
slightly fell in during the years 2012–2013 and 2013–2014.
Table 4 indicates the model summary of
multiple regression analysis which is carried out through SPSS. The result of
the Model shows that the value of R is
.995, which indicates a high correlation between dependent (GDP) and
independent variables. The value of R
square is .990 and Adjusted R square is
.980. The p value of the model is .002 which is less than .05 indicating that
the regression model is statistically significant and a fit model. The value of
the Durbin–Watson test less than one or greater than three is not acceptable,
as a rule of thumb and is an indication of autocorrelation problem. The model
summary displays the value of Durbin–Watson statistic 2.590 which is free from
autocorrelation problem.
Table 5 illustrates the results of
regression analysis for GDP and Financial inclusion indicators, it is to be
noted that financial inclusion variables include Number of bank branches, ATMs
growth in the country and Credit deposit ratio. Results of multiple regression
reveals that the beta value of Number of bank branches is 107.9 which shows a
positive impact on GDP. The p value is .001 which is less than .05 at 5% level
of significance, which indicates that there is a statistically significant
impact on GDP. It further reveals that the beta value of ATM growth is −11046.3
and p value is .570 which shows
negative insignificant impact on GDP, as the p
value is more than .05. Moreover, Credit deposit ratio shows 221986.5 beta
value which shows positive impact on dependent variable. The p value of Credit
deposit ratio is .027 lesser than .05, which indicates a significant impact on
GDP. As a rule of thumb if the VIF values more than 10 are not acceptable and
shows a sign of multicollinearity. This regression model is free from
multicollinearity as all VIF values are less than 10 for all of the explanatory
variables shown in Table 5 . The following regression
equation was obtained:
Therefore, study find the
vigorous relationship between economic growth and financial inclusion
indicators in India. These findings are consistent with the findings of Julie (2013) who established that financial
sector plays a crucial role in economic development.
Conclusion
In developing economies
like India, the banks work as mobilizers of savings and allocators of credit
for production and investment, have a very critical role. As a financial
intermediary, the banks contribute to the economic growth of the country by
identifying the entrepreneurs with the best chances of successfully initiating
new commercial activities and allocating credit to them ( Chakrabarty, 2013 ). Financial access can
really boost the financial condition and standards of life of the poor and the
disadvantaged population of the country. Lack of accessible, affordable and
appropriate financial services has always been an Indian problem and effective
inclusive financial system is needed for economic growth of the country.
Reserve bank of India (RBI) and government plays an important role in promoting
financial inclusion for economic growth to increase the banking penetration,
installation of new ATMs and implementation of various schemes in the country (
Raman, 2012 ). The Reserve Bank has
used FIPs to gauge the performance of banks under their financial inclusion
initiatives. During the first phase of FIPs 2010–2013 a large number of bank
accounts have been opened. However, it has been observed that the accounts
opened and the banking infrastructure created has not seen substantial
operations in terms of transactions. RBI has been applied a fresh three-year
FIPs during 2013–2016 for ensuring meaningful access to banking services to the
excluded population. The new FIP is now more focused on the volume of
transactions which plays an important role in growth and development of the
India. The most robust relationship is observed among financial inclusion and
economic growth of the country ( Julie,
2013 ). The present study found the positive significant impact of number of
bank branches and credit deposit ratio of banks (proxies of financial
inclusion) on GDP of the country. Whereas one indicator of financial inclusion,
ATMs growth rate has been shown a statistically insignificant impact on Indian
GDP. Hence, the study observed that financial inclusion is strongly associated
with the progress and development of the economy. In spite of this there should
be a need for proper financial inclusion regulation in the country to access
financial services and customer awareness E-banking training and financial
literacy programmes should be organized. Thus,
financial inclusion is a big road which India needs to travel to make it
completely successful.
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CONTADURÍA Y ADMINISTRACIÓN, año 70, 2025, es una publicación trimestral editada por la Universidad Nacional Autónoma de México, Colonia Ciudad Universitaria, Delegación Coyoacán, C.P. 04510, México, Ciudad de México, a través de la División de Investigación de la Facultad de Contaduría y Administración - UNAM, Circuito Exterior, s/n, Colonia Ciudad Universitaria, Delegación Coyoacán, C.P. 04510, México, Ciudad de México., Tels. (55) 56 22 84 57, (55) 56 22 84 58 Ext. 144 y (55) 56 22 84 94, http://www.cya.unam.mx, correo electrónico: revista_cya@fca.unam.mx, Editor responsable: José Alberto García Narváez, Reserva de Derechos al Uso Exclusivo No. 04-2016-071316434900-203, otorgada por el Instituto Nacional del Derecho de Autor, ISSN 2448-8410, Responsable de la última actualización de este Número, División de Investigación de la Facultad de Contaduría y Administración-UNAM, José Alberto García Narváez, Circuito Exterior, s/n, Colonia Ciudad Universitaria, Delegación Coyoacán, C.P. 04510, México, Cd., Mx., fecha de última modificación, 29 de enero de 2025.
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Contaduría y Administración by División de Investigación de la Facultad de Contaduría y Administración is licensed under a Creative Commons Reconocimiento- 4.0 Internacional.
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ISSN: 0186-1042 (Print) 2448-8410 (Online)