Financial Inclusion and marginalised sections of

Chhattisgarh
Project submitted to:
Mr. Hanumant Yadav
(Faculty of Economics)

Project submitted by:

Anmol Goyal
B.A LLB (hons.)
Semester III, Roll No. 15
Section B

Date of Submission - 28.09.2015

Hidayatullah National Law University

Uparwara, New Raipur, C.G.

DECLARATION

I hereby declare that the project work entitled Financial Inclusion and marginalised
sections of Chhattisgarh submitted to HNLU, Raipur, is a record of an original work done by
me under the guidance of Mr. Hanumant Yadav sir, Faculty Member, HNLU, Raipur.

Anmol Goyal
Roll No: 15
Section-B

ACKNOWLEDGEMENTS
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I would like to sincerely thank the Faculty of Economics Mr. Hanumant Yadav for
giving me this project on the topic, Financial Inclusion and marginalised sections of
Chhattisgarh. This has widened my knowledge on the relevant topic. Her guidance and
support has been instrumental in the completion of this project. Thank you misses indeed.
My heartfelt gratitude also goes out to the staff and administration of HNLU for the
infrastructure in the form of our library and IT lab that was a source of great help in the
completion of this project.
I also thank my friends for their precious inputs which have been very helpful in the
completion of this project.

Anmol Goyal
Semester-I, B.A. LL.B. (Hons.)
Roll no - 15

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TABLE OF CONTENTS

Introduction.....................................................................................................5
Objectives..................................................................................................................6
Collection of Data......................................................................................................6
Research Methodology..............................................................................................7
Conceptual framework of financial inclusion.....7
History............................................................................................................7
Definition .......................................................................................8
Meaning..........................................................................................................8
Importance of Financial Inclusion in India.....................................9
The current status of financial inclusion in India.......................................11
The steps taken by RBI to support financial inclusion...............................................12
Financial Inclusion in Rural Areas of Chhattisgarh...................................................14
SLRM and financial inclusion....16
Major issues and challenges....17
Remedies.....18
Conclusion..................................................................................................................19
References..................................................................................................................20

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INTRODUCTION
A strong financial system is a pillar of economic growth, development and progress of an
economy. Financial access helps an economy to have a regular and sustained growth. It helps
to produce more, and distribute it fairly. With the progress of the Indian economy, especially
when the focus is on the achievement of sustainable development, there must be an attempt to
include maximum number of participation from all the sections of the society. But the lack of
awareness and financial literacy among the rural population of the country is hindering the
growth of the economy as majority of the population does not have access to formal credit.
This is a serious issue for the economic progress of the country. Even after 68 years of
independence, a large section of Indian population still remains unbanked. This malaise has
led generation of financial instability and pauperism among the lower income group who do
not have access to financial products and services. However, in the recent years the
government and Reserve Bank of India has been pushing the concept and idea of financial
inclusion.
Financial inclusion is meant to include all those sections of the society, which are mainly out
of the net of the financial institutions. Financial inclusion enables improved and better
sustainable economic and social development of the country. It helps in the empowerment of
the underprivileged, poor and women of the society with the mission of making them selfsufficient and well informed to take better financial decisions. 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,
etc. by the rural individuals and firms.
Since 2005, the Reserve Bank of India (RBI) and the Government of India (GOI) have been
making efforts to increase financial inclusion. Measures such as SHG-bank linkage program,
use of business facilitators and correspondents, easing of Know Your Customer (KYC)
norms, electronic benefit transfer, separate plan for urban financial inclusion, use of mobile
technology, bank branches and ATMs, and emphasis on financial literacy have played a
significant role for increasing the use of formal sources for availing loan/ credit.
Despite this, the vast majority of Indias rural poor still do not have access to either formal
finance or microfinance. With this background, this project aims at examining the extent of
financial inclusion in the rural areas of Raipur, the capital district of Chhattisgarh and
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financial inclusion and marginalized sections of other parts of Chhattisgarh to understand the
reasons behind the present status of financial exclusion and factors responsible for this state
of affair, with a view to identify the barriers. Some remedial measures are also suggested to
counter the challenge financial inclusion in India.

OBJECTIVES
Financial inclusion meant to include all sections of society, who are mainly out of the net of
this, but the main aim of this project is to focus on financial inclusion in marginalised
sections of Chhattisgarh
This project also covers following objectives
To understand the reasons behind the status of financial exclusion and factors
responsible for it.
To importance of Financial Inclusion and measures taken by government and RBI for
promoting it.
To find out barriers and challenges to financial inclusion.

COLLECTION OF DATA
This Project is made on the basis of secondary sources of information, which include:
1)

Books and

2)

Information from the Internet.

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RESEARCH METHODOLOGY

The research project is descriptive and analytic in nature. The research project is
mainly based on secondary sources which include books and web pages. These methods do
not include field work and mainly depend on electronic resources. The secondary data was
acquired from reports, journals, NABARD auxiliary Statements, State Level Committee
Reports of banks, Census 2011, Economic Surveys and Internet
The data base referred is not copied from any other source and is purely authentic and
genuine. All other authorities relied on have been duly mentioned in Bibliography and
various footnotes.

Conceptual Framework of Financial Inclusion

History of Financial Inclusion in India
The concept of financial inclusion in India can be traced back to the year 1904 when cooperative movement took place in India. It gained momentum in 1969 when 14 major
commercial banks of the country were nationalized and lead bank scheme was introduced
shortly thereafter. Branches were opened in large numbers across the country and even in the
areas which were hitherto being neglected. Even after all these measures a sizable portion of
the population of the country could not be covered under formal banking system. In fact,
there is a severe gap in financial access which needs special attention. Studies have proved
that lack of inclusion or rather exclusion from the banking system results in a loss of
considerable proportion of the GDP. Thus, financial inclusion is not just a socio-political
imperative but also an economic one. Realising the gravity of the problem, Reserve Bank in
its Mid Term Review of Monetary Policy (2005-06), urged the banks to make financial
inclusion as one of their prime objectives.

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Definitions of Financial Inclusion

According to the Planning Commission (2009), Financial inclusion refers to universal access
to a wide range of financial services at a reasonable cost. These include not only banking
products but also other financial services such as insurance and equity products.
GOI (2008) defines Financial inclusion as the process of ensuring access to financial services
and timely and adequate credit where needed by vulnerable groups such as weaker sections
and low income groups at an affordable cost.1
According to Chakraborty (2011), financial inclusion is the process of ensuring access to
appropriate financial products and services needed by all sections of society including
vulnerable groups such as weaker sections and low income groups at an affordable cost in a
fair and transparent manner by mainstream institutional players.2
Meaning of financial inclusion
It refers to deliverance of financial services at a reasonable cost in a just and translucent terms
and conditions to enormous sections of drawbacks, weaker and low income groups counting
27 household enterprise, small medium enterprise and merchants. It not only augments
financial intensity of agriculture on the whole but also helps in increasing rural nonfarm
activities which lead to growth of rural economy and perk up Financial Inclusion and Growth
of Indian Banking System economic condition of people. Financial inclusion embrace micro
credit, branchless banking, no frills accounts, saving products, old age pension, microfinance,
SHGs, entrepreneurial credit etc.
Financial Inclusion is:
NFA + Banks+ OFIs+ MFI+ IT = Financial Inclusion
Where, NFA - No frills bank account
OFIs - Other financial Institutions
1 Report on Committee on Financial Inclusion (Chairman: Dr. C. Rangarajan),
2012.
2 Chakrabarty K.C. (2011), Keynote address on Financial Inclusion, Mumbai,
September.
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MFI - Micro financial Institutions

IT Information Technology
Therefore, financial inclusion desirable for equal opportunities to all section of people in
country, inclusive growth, economic development, social development and business
opportunity.
Indias rural poor are overwhelmingly dependent on agriculture as their primary source of
income. The majority are marginal or small farmers, and the poorest households are landless.
The financial needs of Indias rural poor reflect their volatile, uncertain, and irregular income
and expenditure patterns of these households. (Priya Basu, World Bank, 2003). The poor need
a wide range of financial servicesfrom small advances to tide over consumption needs to
loans for investment purposes to long-term savings that help them manage life-cycle needs.
India has a range of rural financial service providers, including formal sector financial
institutions at one end of the spectrum, informal providers (mostly moneylenders) at the other
end, and between these two extremes a number of semi-formal/microfinance providers.
Semi formal
provider

Formal Providers

SHG Bank
linkage program
Microfinance
Informal
Providers

Commercial Banks
Regional Rural Banks
Cooperatives Banks
Insurance Companies
Mutual Funds

Moneylenders
Trade creditors
Local

Rural
Household
Figure 1. Rural Financial Service Providers

Importance of Financial Inclusion in India

The policy makers have been focusing on financial inclusion of Indian rural and semi-rural
areas primarily for three most important pressing needs:
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1. Providing formal credit avenues

So far the unbanked population has been vulnerably dependent of informal channels of credit
like family, friends and moneylenders. Availability of adequate and transparent credit from
formal banking channels shall allow the entrepreneurial spirit of the masses to increase
outputs and prosperity in the countryside. A classic example of what easy and affordable
availability of credit can do for the poor is the micro-finance sector.
2. Creating a platform for inculcating the habit to save money
The lower income category has been living under the constant shadow of financial duress
mainly because of the absence of savings. The absence of savings makes them a vulnerable
lot. Presence of banking services and products aims to provide a critical tool to inculcate the
habit to save. Capital formation in the country is also expected to be boosted once financial
inclusion measures materialize, as people move away from traditional modes of parking their
savings in land, buildings, bullion, etc
3. Plug gaps and leaks in public subsidies and welfare programmes
A considerable sum of money that is meant for the poorest of poor does not actually reach
them. While this money meanders through large system of government bureaucracy much of
it is widely believed to leak and is unable to reach the intended parties. Government is
therefore, pushing for direct cash transfers to beneficiaries through their bank accounts rather
than subsidizing products and making cash payments. All these efforts require an efficient
and affordable banking system that can reach out to all. Therefore, there has been a push for
financial inclusion.

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Figure 2: need of financial inclusion

The current status of financial inclusion in India

Financial inclusion was first featured in 2005 in India; it was introduced by K C Chakraborty,
the chairman of Indian Bank. Mangalam Village was the foremost village in India where all
households were provided banking facilities. Rules were relaxed for people intended to open
accounts, and General credit cards (GCCs) were issued to the poor. In 2006, the Reserve
Bank allowed commercial banks to utilize the services of non-governmental organizations,
micro-finance institutions, and further civil society organizations as mediators for providing
monetary and banking services. These mediators could be used as business facilitators or
business correspondents by commercial banks. Reserve Bank of Indias vision for 2020 is to
open almost 600 million new customers' accounts and service them through a multiplicity of
channels through IT. Conversely, illiteracy and the small income savings and short of bank
branches in rural areas persist to be a barricade to financial inclusion in many states and there
is derisory authorized and monetary arrangement. The process of financial inclusion in India
generally entails three phases, (See Figure 3).

Firstphase(1960-1990)

Secondphase(1990-2005)

Thirdphase(2005onw
ards)

F
rsa
tn
p
h
a
e
1
6
0
99
0
)akersectionsofsS
e
otn
d
p
aisn
e
9
9
0
-2
0
0
)linstitutionsaspartoffinancialsectorT
h
d
p
a
ec(l2
5
ards)
cih
n
e
lisn
g(c
r9
e
d
it-1
to
w
e
o
trc
ie
y
g
h
th
n
g(t1
h
e
fi
n
a
n
c5
ia
F
re
in
firo
a
rn
m
c
ih
sa
lsIn
u0
si0
o
nonw
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Figure 3: progress of financial inclusion

The Report Committee headed by Dr.C.Rangarajan (2008) on Financial Inclusion has
examined that financial inclusion must be taken up as a mission and recommended a National
Mission on Financial Inclusion (NMFI) suggesting the essential policy changes and
sustaining stakeholders in public domain, private sector and NGOs in undertaking
promotional initiatives. The Eleventh Five Year Plan (2007-12) foresees inclusive growth as
its key objective. Inclusive growth in India is the biggest defy as it is very complicated to
bring 600 million people living in rural India into the mainstream. One of the best ways to
attain inclusive growth is through financial inclusion.RBI and Government both is taking
initiatives to achieve inclusive growth through Financial Inclusion.
The steps taken by RBI to support financial inclusion
In India, RBI for achieving the goals has adopted regulatory measures and also provided
institutional support to banks in accelerating their financial inclusion efforts. These are :
Opening of no-frills accounts:
RBI facilitates basic banking i.e. opening of no-frills account which requires no or very low
minimum balance as well as nominal charges that make such accounts accessible to vast
sections of the population. Banks have been advised to provide small overdrafts in such
accounts.
Relaxed and simplified Know Your Customer (KYC) norms
RBI relaxed requirements for opening of bank accounts, especially for small accounts whose
balances are not exceeding Rs.50,000 and aggregate credits in the accounts not exceeding Rs.
one lakh a year. In addition, banks are allowed to use a unique identification number(UID)
i.e. Aadhar Card as a proof of both identity and address
Compulsory Requirement of Opening Branches in Un-banked Villages
Banks are directed to allocate at least

25%

of

the

total

number

of

branches

to be opened during the year in un- banked (Tier 5 and Tier 6) ruralcenters.
Basic Saving Bank Deposit (BSBD) accounts:

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Reserve bank of India advised all banks to open BSBD accounts which are having minimum
common facilities like which requires no minimum balance, deposit and withdrawal of cash
at bank branch and ATMs, receipt/ credit of money through electronic payment channels,
facility of providing ATM card.
Use of technology
RBI recognizes that technology is having the potential to address to the issues of outreach
and credit delivery in rural and remote areas in a viable manner. Banks are advised to make
efficient use of information and communications technology (ICT), so as to provide doorstep
banking services through the BC model where the accounts can be operated by even illiterate
customers by using biometrics, thus ensuring the security of transactions and enhancing
confidence in the banking system

Coverage of Banking Services (Ratio of Demand Deposit Accounts to the adult population)

Region/State/Union
Territory
NORTHERN
REGION
Haryana
Himachal Pradesh
Jammu & Kashmir
Punjab
Rajasthan
Chandigarh
Delhi
NORTH-EASTERN
REGION
Arunachal Pradesh
Assam
Manipur
Meghalaya
Mizoram
Nagaland
Tripura
EASTERN REGION
Bihar
Jharkhand
Orissa
Sikkim
West Bengal
Andaman & Nicobar
Islands
CENTRAL REGION
Chhattisgarh

Current
Accounts

Savings
Accounts

Total
Population

Adult
Population
(Above 19
years)

No. of
acc. Per
100 of
populatio
n

Total No.
Of
accounts

4215701
572660
134285
277529
1156137
689657
80607
1304826

52416125
8031472
2433595
3094790
13742201
12139302
1126696
11848069

132676462
21082989
6077248
10069917
24289296
56473122
900914
13782976

67822312
11308025
3566886
5379594
14185190
28473743
546171
7929589

56631826
8604132
2567880
3372319
14898338
12828959
1207303
13152895

43
41
42
33
61
23
134
95

476603
10538
378729
12514
24305
3441
13819
33257
1814219
464511
166007
228160
4097
942733

6891081
209073
5071058
200593
458779
117885
195452
638241
47876140
13225242
5834341
7030004
125365
21544753

38495089
1091117
26638407
2388634
2306069
891058
1988636
3191168
227613073
82878796
26909428
36706920
540493
80221171

19708982
544582
14074393
1222107
1088165
476205
995523
1784212
122136133
40934170
13737485
21065404
288500
45896914

7367684
219611
5449787
213107
483084
121326
209271
671498
49690359
13689753
6000348
7258164
129462
22487486

19
20
20
9
21
14
11
21
22
17
22
20
24
28

8711
2202217
192067

116435
64254189
3346898

356265
255713495
20795956

213660
129316677
11209425

125146
66456406
3538965

35
26
17

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No. of
acc. Pe
100 of
adult
pop.

2
1

Madhya Pradesh
Uttar Pradesh
Uttaranchal
WESTERN REGION
Goa
Gujarat
Maharashtra
Dadra &Nagr Haveli
Daman & Diu
SOUTHER REGION
Andhra Pradesh
Karnataka
Kerala
Tamil Nadu
Lakshadweep
Pondicherry
ALL-INDIA
Source; CRISIL and RBI

553381
1324509
132260
3178102
81551
955964
2127240
6076
7271
4666014
1156405
1086662
600065
1786514
491
35877
16552856

11731918
45804350
3371023
49525101
1584177
16220262
31568184
69308
83170
83386898
23974580
19147819
17669723
22052812
22997
518967
304349534

60385118
166052859
8479562
149071747
1343998
50596992
96752247
220451
158059
223445381
75727541
52733958
31838619
62110839
60595
973829
1027015247

31404990
82229748
4472514
86182206
891411
28863095
56207604
122765
97331
135574225
44231918
30623289
20560323
39511038
33686
613971
541031553

12285299
47128859
3503283
52703203
1665728
17176226
33695424
75384
90441
88052912
25130985
20234481
18269788
23839326
23488
554844
320902390

Financial Inclusion in Rural Areas of Chhattisgarh

From above table it could be clearly inferred the number of people having bank accounts
comparatively with other states and this depicts condition of financial inclusion in the state of
Chhattisgarh. Even CRISIL ranked Chhattisgarh second last at financial inclusion in its
inclusive index list in 2010-11.

Figure: reason for having bank accounts

From the above figure it is indicated that the major account holders belong to BPL group
which is beneficiary of the various government schemes such as MGNREGA, pensions and
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14

20
28
41
35
124
34
35
34
57
39
33
38
57
38
39
57
31

NRLM etc. This clearly reflects that in all three categories mentioned above the education,
occupation and cultural factors have no direct role to play in the financial inclusion of the
rural households. It is only because of the government schemes where opening of accounts is
mandatory to get the benefits of the schemes.
Another important indicator that reflects the same conclusion is the frequency of money
deposition in the account in a given month. The operating frequency of the bank account by
the account holder is shown in figure below
(All data and graphs are taken from Ms.Manjeet Kaur Bal, Poor Financial Inclusion in Rural Areas
of Chhattisgarh: Causes and Remedies)

As high as 63% of the respondents have not deposited money even once and only 14%
have done it more than 5 times. This shows the lack of saving attitude or the lack of
availability of money. As far as withdrawal of money is concerned, about 58% of total
respondents have withdrawn money from the account 3 or more than 3 times, meaning the
need for money is high but the availability is low.
The second important aspect of financial inclusion is availability of borrowing facility and
its accessibility converting to facility availing. Of all the respondents 0nly 28% have availed

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the borrowing facility and among them 84% have preferred the non-formal sources and
only 16% have used formal ones.

The reasons cited by the respondent for preferring non formal sources is easy accessibility,
flexible mode of repayment, no or less paper work and perceived complication at formal
institutions. Both bank officials and rural households have their guanine reasons for the weak
relationship between them. And ultimately it leads to financial exclusion of the people of
rural sectors in spite of banking facilities.
Financial Inclusion is one of the top priorities of GoI, RBI and Banks too. The aim is to
provide access to basic financial products and services to all households in the country. In
Chhattisgarh State Bank of India has worked for financial inclusion of such under privileged
households. Initially the target was to cover 2000+ population villages, SBI was allotted 196
villages out of 1050 villages in Chhattisgarh and the task of providing Banking coverage to
these FIP villages was successfully completed on March 2012.

SLRM and Financial inclusion

In the context of Chhattisgarh, SRLM (State Rural Livelihoods Mission) has a daunting target
to reach out, mobilise and support 18 lakh rural poor households across 27 districts , 146
blocks, 9734 Gram panchayats and stay engaged with them till they cross the line of poverty.3
Access to adequate amount of credit at reasonable rates of interest along with convenient
terms of repayment is critical for poverty reduction. Therefore, the NRLM seeks to promote
3 http://aajeevika.gov.in/sites/default/files/states_pdfs/chattisgarh_aap_ppt7.pdf
(retrived on 06. 10 15)
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universal financial inclusion by promoting access to basic banking services. NRLM seeks to
work on both demand and supply sides for this purpose. Key focus areas are:

promotion of basic awareness on banking services, insurance products and

remittances to all SHG members;

preparation of all SHGs for opening of bank accounts;

institution of appropriate systems of Bookkeeping and provision of revolving fund

and Community Investment Fund (CIF)

delivery of institutional credit

promoting investment on productive livelihoods and monitor prompt repayments

Major issues and challenges

1. Financial services are used only by a section of the population, the excluded sections are
rural, poor areas where it is difficult to provide these financial services which is mainly
relying on informal sector (moneylenders etc.) for availing finance that is usually at
exorbitant rates. The main challenge of financial inclusion is to include the rural and poor
people in the coverage area.
2. Financial Illiteracy is also one of the challenges in the area of financial inclusion. Lack of
basic education prevents the people to have an access from financial services.
3. Poor living even in urban areas does not fully utilize the financial services as they find
them costly and unaffordable which deter the poor from accessing them.
4. Another challenge in the area of financial inclusion is that access to formal financial
services requires various documents of proof regarding persons' identity, income, birth
certificates, etc. But poor people generally lack these documents and thus are devoid of these
services.
5. Low income level is another challenging area in the process of financial inclusion because
they think banks provides services only to rich class.

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6. Many people who live in remote localities find it difficult to reach the areas where banks
are generally situated.
7. Many people, who lack basic knowledge and education, do not know the importance of
financial products like insurance, finance, bank accounts, cheque facilities etc is also the
challenge in the implementation of financial inclusion

Remedies

Government should increase number of banks branches in remote areas.

Banks should focus more on products which should be simple, affordable , and should

have high utility.

RBI should frequently check whether the financial products are actually utilized by

customer effectively, if not it should analyse the reasons.

Banks should do regular surveys in villages for understanding the financial needs of

the people.
NGOs and other not for profit organisation/ social organisations / Non Governmental
organisations etc. may be involved more to propagate the financial services to the

remote and non accessible areas.

RBI should allow service providers to provide better mobile banking products at

affordable price.
Micro Finance Organisations/ Non Banking Financial organisations may be given

permissions to do limited financial services in remote areas.

Methods of financial literacy need to be changed from distributing printed literature to

audio and visual media such as radio and TV programs, especially in local languages.
Encouraging banking habits amongst the unbanked masses by installing audio-video
enabled ATMs to announce simple instructions in the local language to assist the
customer in the unbanked areas, could be considered.

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In case such ATMs are installed in the premises of post offices, then trained guards

could facilitate withdrawals, deposits and also account opening forms.

ICT enabled Kisan Credit Cards (KCC) for both RRBs & Cooperatives.

Conclusion
In todays increasingly interconnected world, linked by ever growing financial flows, more
than a third of the global population is still financially excluded. It is an economic and a
moral imperative that we reach them and empower them. Financial inclusion can help. And
if supported by robust policies, it can go hand in hand with financial stability. Financial
inclusion empowers individuals and families, especially women and the poor, and wellfunctioning financial systems enrich whole countries.
Despite 67 years as an independent nation, India is still lagging behind in the process of
providing financial services to the masses with nearly half the households remaining
unbanked, and nearly ninety percent villages not having bank branches. More importantly,
people in these unbanked areas do not fully appreciate why they need a bank account at all,
or why loans from the formal sector are more useful than the informal sector. The advantages
of a financially inclusive model are many-fold. Transfer program. The government and
Reserve Bank of India have been making concerted efforts since mid1950s and with
renewed vigor since 2005 but success has been rather slow, due to lack of a strong network,
and financial instruments not suited to rural residents. Moreover, lack of awareness and
financial literacy among rural population are primarily responsible for low penetration of
financial services.
It is observed from the study that the achievement of the financial inclusion in the
Chhattisgarh is not significant. Although some improvement in some respect of some
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parameter might have taken place, this is not sufficient to conclude that financial inclusion
has taken place in the State/districts/blocks of Chhattisgarh.
In nutshell, it is observed that although various measures have been undertaken for financial
inclusion, the success are not found to be noteworthy. However, only supply side factor is
not responsible for the financial exclusion. Demand side factor are also equally responsible.
Thus, there is a need to solve both of these problems with the help of appropriate policies.
They have to make use of all available resources including technology and expertise
available with them as well as the MFIs and NGOs. Banks should look at financial inclusion,
both business opportunity and as social responsibility and it could emerge as commercial
profitable business for them.

REFERENCES
Books
1. Rangarajan Committee (2008) Report of the Committee on Financial Inclusion.
Government of India.
2. Chakrabarty K.C. (2011), Keynote address on Financial Inclusion, Mumbai,
September
3. Chakrabarty, K.C. (2012), Financial Inclusion: Issues in Measurement and Analysis,
Keynote address, BIS-BNM Workshop on Financial Inclusion Indicators, Kuala
Lumpur, November.
4. Ms.Manjeet Kaur Bal, Poor Financial Inclusion in Rural Areas of Chhattisgarh:
Causes and Remedies
5. RBI (2005), Report on Rural Credit and micro finance (Chairman: H.R. Khan)
6. Dr. Vighneswara Swamy and Dr. Vijayalakshmi, Role of Financial Inclusion for
Inclusive Growth in India- Issues & Challenges, 2010

Websites
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4.
5.

www.rbi.org.in
apna.csc.gov.in
aajeevika.gov.in
www.nabard.org
www.crisil.com

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