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Home»Articles»Proposed Theoretical Measurement Model for Financial Inclusion with Perspective of Refuge Inhabitants

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Asian Review of Social Sciences (ARSS)

Editor Dr. Lakshmi Narayanan
Print ISSN : 2249 – 6319
Frequency : Quarterly

Proposed Theoretical Measurement Model for Financial Inclusion with Perspective of Refuge Inhabitants

Author : S. Sheik Abdullah, A. Krishna Kumar and B. Sheeba Pearline
Volume 7 No.1 January-June 2018 pp 21-25

Abstract

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. Also the objective of financial inclusion exercise is easy availability of financial services which allows maximum investment in business opportunities, education, save for retirement, insurance against risks by the rural individuals and firms. The penetration of financial services in the rural areas of India is still very low. The factors responsible for this condition can be looked at from both supply side and demand side and the major reason for low penetration of financial services is, probably, lack of supply. The reasons for low demand for financial services could be low income level, lack of financial literacy, other bank accounts in the family, etc. On the other hand, the supply side factors include no bank branch in the vicinity, lack of suitable products meeting the needs of the poor people, complex processes and language barriers. There is no studies conducted earlier especially financial inclusion initiatives with refugee inhabitants. Therefore this study was undertaken to propose the model of refugee inhabitants towards financial inclusion initiatives by the banks. The exhibited model consisting four essential factors, which are very useful for measuring financial inclusion practices.

Keywords

Financial Inclusion, Refuge Inhabitants, Theoretical Model, EFA, CFA

Full Text:

References

[1] Agarwal and Parul, “Financial Inclusion in India: a Review and Initiatives and Achievements”, IOSR Journal of Business and Management, Vol. 16, June 2014.
[2] Carbo, S. Gardener, Edward, Philip, P.M. and Molyneux, Financial Exclusion, Palgrave Macmillan, 2007.
[3] K. C. Chakraborthy, Introductory Notes in Sameer Kochaar (Ed.) Speeding Financial Inclusion, New Delhi, Academic foundation, pp. 19-23, 2009.
[4] R. G. Clarke, Geroge, L. Colin Xu, and Heng-fu Zou. “Finance and Inequality: What Do the Data Tell Us?”, Southern Economic Journal Vol. 72, No. 3, pp. 578–96, 2006.
[5] K. Divya, “A Study On Impact Of Financial Inclusion With Reference To Daily Wage Earners”, Journal of Business Management & Social Sciences Research, Vol. 2, June 2014.
[6] Gupta and Sanjeev Kumar, “Financial Inclusion – IT as an enabler”, RBI Occasional Paper, Vol. 32, No. 2, 2011.
[7] M. Gomathy, “An Overview of Financial Inclusion and rural development in India”, IOSR Journal of Business and Management, Vol. 17, pp. 06-11, Aug. 2015.
[8] Government of India, “Committee on Financial Inclusion” (Chairman: Dr. C. Rangarajan), 2008.
[9] Michael Chibba, “Financial Inclusion, Poverty Reduction and the millennium Development Goals”, European Journal of Development Research, Vol. 21, April 2009.
[10]N. Rao, “Financial Inclusion-Banker’s Perspective”, The Journal of Indian Institute of Banking & Finance (Bank Quest), Vol. 81, No. 4, pp. 20-26, October-December 2010.
[11]R. Srikanth, “A Study on – Financial Inclusion – Role of Indian Banks in Reaching Out to the Unbanked and Backward Areas”, International Journal of Applied Research and Studies, Vol. 2, Sept. 2013.
[12]Sameer Kochaar, Speeding Financial Inclusion, New Delhi, Academic foundation, 2009.

Asian Review of Social Sciences (ARSS) is a quarterly international peer-reviewed journal of Social Sciences. One of the objectives of this journal is to disseminate knowledge on various research issues connected with the topics include, but are not limited to:

Anthropology
Archaeology
Business Administration
Communication
Criminology
Economics
Education
Government

Linguistics
International Relations
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Sociology
Geography
History
Law
Psychology

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. Also the objective of financial inclusion exercise is easy availability of financial services which allows maximum investment in business opportunities, education, save for retirement, insurance against risks by the rural individuals and firms. The penetration of financial services in the rural areas of India is still very low. The factors responsible for this condition can be looked at from both supply side and demand side and the major reason for low penetration of financial services is, probably, lack of supply. The reasons for low demand for financial services could be low income level, lack of financial literacy, other bank accounts in the family, etc. On the other hand, the supply side factors include no bank branch in the vicinity, lack of suitable products meeting the needs of the poor people, complex processes and language barriers. There is no studies conducted earlier especially financial inclusion initiatives with refugee inhabitants. Therefore this study was undertaken to propose the model of refugee inhabitants towards financial inclusion initiatives by the banks. The exhibited model consisting four essential factors, which are very useful for measuring financial inclusion practices.

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Department of Social Sciences, College of Arts and Applied Sciences, Dhofar University, Oman
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Department of Social Administration and Justice, University of Malaya, Malaysia
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Dr. Jillian Ooi Lean Sim
Department of Geography, University of Malaya, Malaysia
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Dr. Haris Bin Abd Wahab
Department of Social Administration and Justice, University of Malaya, Malaysia
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Dr. Mohana Dass Ramasamy
Department of Indian Studies, University of Malaya, Malaysia
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Dr. Ma Tin Cho Mar @ Noorjahan Bi Bi
Department of South East Asian Studies, University of Malaya, Malaysia
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Dr. Asbah Binti Razali
Department of Anthropology and Sociology, University of Malaya, Malaysia
[email protected]
Dr. Azharudin Bin Mohamed Dali
Department of History, University of Malaya, Malaysia
[email protected]
Dr. Hasmah Binti Zanuddin
Department of Media Studies, University of Malaya, Malaysia
[email protected]

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    Editorial Note

    Editorial Dr. Lakshmi Narayanan

    Editor-in-Chief
    Dr. Lakshmi Narayanan
    Department of Social Sciences, College of Arts and Applied Sciences, Dhofar University, Oman
    [email protected]
    Editorial Advisory Board
    Dr. Mashitah Binti Hamidi
    Department of Social Administration and Justice, University of Malaya, Malaysia
    [email protected]
    Dr. Jillian Ooi Lean Sim
    Department of Geography, University of Malaya, Malaysia
    [email protected]
    Dr. Haris Bin Abd Wahab
    Department of Social Administration and Justice, University of Malaya, Malaysia
    [email protected]
    Dr. Mohana Dass Ramasamy
    Department of Indian Studies, University of Malaya, Malaysia
    [email protected]
    Dr. Ma Tin Cho Mar @ Noorjahan Bi Bi
    Department of South East Asian Studies, University of Malaya, Malaysia
    [email protected]
    Dr. Asbah Binti Razali
    Department of Anthropology and Sociology, University of Malaya, Malaysia
    [email protected]
    Dr. Azharudin Bin Mohamed Dali
    Department of History, University of Malaya, Malaysia
    [email protected]
    Dr. Hasmah Binti Zanuddin
    Department of Media Studies, University of Malaya, Malaysia
    [email protected]

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