Page 34 - Banking Finance April 2019

ARTICLE

FINANCIAL

AND DIGITAL

LITERACY

SYSTEMS IN

RURAL AREAS

I t goes without saying that economic growth cannot The issue, as well, has been on the agenda of all the SLBC

be sustainable unless all the sections of society, more
meetings regularly for the last many years. The apex bank
so the deprived and the downtrodden, are included
for agriculture and rural development- NABARD, has also
as part of the growth process. Despite the passage
of 71 years since India's independence, despite the tall been taking new and novel initiatives in this direction. The
programme got further momentum with the launch of
claims that India is going to be super power in the coming Pradhan Mantri Jandhan yojana in 2014 by Modi Govt, as a
years, the rural and tribal masses have been struggling for result of which more than 17 crore new bank accounts have
economic liberation. Even this day, outside the fold of formal already been opened, with a deposit balance of above Rs.
banking system, they are dependent upon money-lenders 12500 crore.
and pawn-brokers for their financial requirements.
In spite of the all-round efforts, the stark reality is that even
No doubt, the Central Bank of the country, in pursuance of today 19% of the Indians do not have bank account. Even if
the recommendations of the Committee on Financial opened, the illiterate and ignorant villagers lack the basic
inclusion, constituted under the chairman ship of their knowledge as to the operation of their accounts, they do not
Governor, Dr. C. Rangarajan, has been making all-out efforts know how to fill up the forms for depositing and withdrawing
for bringing them in the ambit of formal banking services. their meagre but hard-earned savings. Only 02 states and
07 UTs, so far have succeeded in achieving 100% financial
About the author inclusion. In such a situation, it becomes very important to
find out the reasons for such a low outreach of banking
Manjula Wadhwa services to the masses. A study conducted in the age group
of 18 - 64 yrs.
AGM, NABARD
Haryana RO, Chandigarh
In 2013, reveals that India holds the last rank in the matter

34 | 2019 | APRIL | BANKING FINANCE