Financial Inclusion and Usage Metrics of Financial Products and Services Among Slum Dwellers in Chennai City
DOI:
https://doi.org/10.17762/msea.v71i3.524Abstract
This paper is a crucial review and examination onfinancial inclusion and usage metrics of financial products and services among slum dwellersin Chennai city. According to 2011 Censes of India, nearly 28.89% of people resides in slums of Chennai. In India Chennai ranks fourth in the list with 1.34 million slum dwellers. Mumbai stands in first place with 5.21 million slum dwellers followed by Hyderabad and Kolkata with 2.29 million and 1.41 million slum dwellers respectively. The financial inclusion initiatives of the Reserve Bank of India condense the national focus on financial inclusion, promoting financial education and literacy and making credit available to all segment of the society. Major initiatives taken by RBI in the context of financial inclusion and development are as follows: (i) Introduction of no-frills account (ii) Financial inclusion services through BC and BF models (iii) Enabling credit flow to priority sectors (iv) Conducting financial literacy programs (v) Credit delivery to SHGs, SC/ST community and Minority community (vi) Credit flow to agriculture (vii) Strengthening institutional arrangements.