A Study to Evaluate the Banking Service Provided to Rural Customer by Banks

A Study to Evaluate the Banking Service Provided to Rural Customer by Banks

Abstract

The goal of this study is to evaluate the degree of banking penetration in a sample village and to investigate the connection between bank accounts and associated variables such as occupation, income, and asset-holding status. According to the findings, 75.2 percent of respondents had bank accounts, and 26.7 percent have credit facilities. Two-thirds of those polled are interested in obtaining financing for dairy and other commercial purposes. Significant correlations were found between bank accounts and important variables such as employment, income, and asset-holding pattern using chi square analysis. Using logistic regression, we discover that holding a bank account has a significant relationship with income. 

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The findings have practical consequences for bankers that offer services in rural regions. The current credit facility gap provides bankers with many possibilities to provide different loan facilities. Because the findings reveal that the majority of respondents are interested in obtaining financing for dairy operations, recommendations for reaching out to prospective consumers are made. The paper provides useful recommendations not just to bankers and academics, but also to governments and policymakers for developing and monitoring financial inclusion goals.


Introduction

Financial inclusion is critical, especially in developing nations' rural hinterlands, where the overwhelming majority of the population lives, yet these regions continue to be excluded from official banking services. Despite the efforts of the government, policymakers, and credit institutions, most financial inclusion surveys show that the overwhelming majority of the population remains outside the scope of the official banking system. The current study's goal, based on respondents' perceptions, is to determine the degree of financial inclusion. 

For More Details About Study to Evaluate the Banking Service Provided to Rural Customer by Banks Please Visit Our Website


Or call us +91 9481545735

Because financial inclusion is concerned with the provision of credit facilities, the research also looks at credit facility penetration. In addition to evaluating the existing level of credit facilities, the research investigates the possibility for future credit facility introduction (if missing) and deepening (if currently existent).


Consumer

For a long time, attempts have been undertaken to offer financial services to rural consumers. Various efforts have been launched by the government, authorities, and banks in this respect. However, these efforts have not resulted in the anticipated improvements in the rural people's banking habits. According to our study, 75% of respondents had bank accounts. Opening/having a bank account is seen as the start of a relationship with a bank. Banks provide a wide range of services to rural clients. However, according to the research, just 26% of respondents had borrowed money through the official banking system. 

There is a big difference between people who have bank accounts and those who take out bank loans. The present study's findings clearly show that there is plenty of room for banks to expand into rural regions and find new ways to sell credit products to consumers.

For More Details About Study to Evaluate the Banking Service Provided to Rural Customer by Banks Please Visit Our Website


Or call us +91 9481545735

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