A Qualitative Study on Financial Inclusion Initiatives in India

Abstract

Bankers’ perception about various financial inclusion programs is a significant factor in successful implementation of financial inclusion initiatives. This study is aimed to investigate the experiences of bankers about various financial inclusion initiatives through qualitative research design. In-depth interviews of bank managers have been carried out in Ghaziabad district of India. The results indicate that shortage of staff in banks is a major challenge in Indian banking sector. Financial illiteracy and unawareness are the other challenges which are being addressed albeit through Financial Literacy initiatives of the Reserve Bank of India. Timely hiring of new staff in banks, their preparation and readiness for better decision making would certainly affect the situation of financial inclusion. The study is unique as it highlights the issues of financial inclusion through a qualitative research and provides bankers’ point of view on same.