The Impact in Financial Inclusion on Socio-economic Status among Tribe of Odisha : A case study on Mayurbhanj district.

Abstract

In today's jargon, "financial inclusion" and "inclusive growth" are key concepts. Growth that is inclusive also empowers members of vulnerable groups. This study focuses on inclusive growth with the aim of evaluating the type and degree of financial inclusion as well as its effects on the socioeconomic condition of households in vulnerable groups. By examining the main data gathered from the Revenue Divisions of Odisha and the theoretical backdrop on financial access and economic growth, this has been examined. The findings indicate that there are differences in the type and degree of financial inclusion. The paper proposes a model to make the financial system more inclusive and pro-poor based on the fact that access to and use of formal banking services pave the way to improvements in the socioeconomic status of households belonging to vulnerable sections that are correlated, leading to inclusive growth. The objectives have been verified by the application of Chi-Square test () for observed results with expected results, T test for compare the means of two groups and Eigenvalues for reducing dimension space and Logit model.