Financial inclusion Growth in Haryana

Abstract

The present study was undertaken to develop a composite index (Index of Financial inclusion) that shows a general overview of Haryana and ranks different districts of Haryana based on this index. The Wroclaw Taxonomic method was used to construct the financial inclusion index as it addresses assumptions regarding various developmental indicators themselves and their weighting. A further comparison was made between the financial inclusion index for 2010 and 2018 to examine growth over the last decade. The findings showed that financial inclusion in Haryana moved up to firm from above average. However, the state was still finding it difficult to attain its key financial inclusion indicators. The study also found a higher disparity between high and low categories of the stage of development. Only two districts, Gurugram and Panchkula, have higher financial inclusion in all districts of Haryana. Government and other regulatory authorities should expand the network of bank branches and ATMs, especially in rural areas, to have easy access and availability of bank services.