See discussions, stats, and author profiles for this publication at: https://www.researchgate.

net/publication/266203101

A Study of Financial Inclusion in India

Article · August 2012

CITATIONS READS

11 5,562

2 authors:

Supravat Bagli Papita Dutta

Presidency University, Kolkata Gushkara Mahavidyalaya
18 PUBLICATIONS   39 CITATIONS    4 PUBLICATIONS   13 CITATIONS   

SEE PROFILE SEE PROFILE

Some of the authors of this publication are also working on these related projects:

Performance of SHGs in Financial Inclusion in India View project

All content following this page was uploaded by Supravat Bagli on 30 September 2014.

The user has requested enhancement of the downloaded file.

RIJEB Volume 1, Issue 8(Aug. 2012) ISSN: 2277 – 1018

A Journal of Radix International Educational and

Research Consortium

RIJEB
RADIX INTERNATIONAL JOURNAL OF
ECONOMICS & BUSINESS MANAGEMENT

A STUDY OF FINANCIAL INCLUSION IN INDIA

Dr. Supravat Bagli

Assistant Professor in Economics
Deshabandhu Mahavidyalaya
Chittaranjan, Burdwan, West Bengal
Papita Dutta
Assistant Professor in Economics,
Guskara Mahavidyalaya, Guskara
Burdwan, West Bengal

ABSTRACT

Recently India has taken several steps towards financial inclusion for achieving faster
inclusive growth. This study seeks to examine the achievement of the Indian states
regarding the financial inclusion. Applying the methodology of Rotated Principal
Component Analysis this study has computed a comprehensive measure of financial
inclusion for each state. For this analysis ten indicators of financial Inclusion have been
considered. This study has used the data published by the Reserve Bank of India (RBI) and

Journal of Radix International Educational and Research Consortium

www.rierc.org
RIJEB Volume 1, Issue 8(Aug. 2012) ISSN: 2277 – 1018
the Government of India. Ranks of the states in accordance with the Composite score show
that although the state of Goa is the best, most of the states in southern region have
performed better in terms of financial inclusion. However, the levels of financial inclusion of
the states in India have a low mean and high disparity. This study has revealed a strong
positive association between the human development and the financial inclusion of the
states in India.

Keywords: Financial Inclusion, Principal Component Analysis.

JEL Classification Codes: C13, C21, D61, F49, G21, G28.

INTRODUCTION

The minimal banking services have the nature of quasi-public goods for which exclusion
principle does not function efficiently. So, each citizen of a country should have access to
the minimal banking services without discrimination. However, it did not occur in any
country. There may be some people who voluntarily exclude themselves. But the
disadvantaged section of the population in each country usually fails to have access to the
services of formal financial institutions. It is recently termed as financial exclusion. RBI has
reported that the financial exclusion in India leads to the loss of GDP to the extent of one
percent [RBI, Working Paper Series (DEPR): 8/2011]. The externality of asymmetric
information between the financial institutions and the disadvantaged section of the
population may be the main cause of this exclusion. Besides, the geographical distance
from bank, diffident, financial illiteracy, gender-inequality, paucity of income and collateral
assets, lack of proof of identity of the disadvantaged people are the plausible causes of
financial exclusion. On the other hand shortage of staff, high transaction cost, economic

Journal of Radix International Educational and Research Consortium

www.rierc.org
RIJEB Volume 1, Issue 8(Aug. 2012) ISSN: 2277 – 1018
viability of the extension of branch etc. are the common problems of the financial
institutions in extending financial services to the disadvantaged section. So, there is a vast
scope of achieving total financial inclusion in a country if it adopts necessary steps to
reduce the information gap. Against this backdrop, India has taken several steps towards
financial inclusion. The prime objective of these steps is to provide banking services at an
affordable cost to the weaker section of population. Since 2004 the Government and the
financial regulators of India have been encouraging financial institutions to solve these
problems. In this context the SHG-centric microfinance programme has also received a
deep attention. Some exclusive steps like facility of ‘no frills’ account, Kisan Credit Card,
have also been adopted to achieve total financial inclusion by 2015. In India financial
inclusion has been started with opening ‘no frills’ account and issuing a few General
Purpose Credit Cards for all. However, it is not the end of the story of financial inclusion. It
emphasizes on the access to basic formal financial services at an affordable cost in a
sustainable manner for the vulnerable people (NABARD, 2008). Therefore, Financial
Inclusion refers to a situation where people, in general, have connection with the formal
financial institutions through holding savings bank account, credit account, insurance policy
etc. It may help the person to have affordable access to financial services like formal
savings, credit, payments, insurance, remittance etc. It accelerates the circulation of
currency and thereby increases the GDP. Therefore, financial inclusion is important for
faster inclusive growth. This study has planned to rank the states in India in accordance
with their performance regarding the financial inclusion. The subsequent section has
reviewed the literature and stated the objectives. Section 3 specifies the methodology and
data source. The findings have been presented in section 4 and section 5 concludes this
study.

Journal of Radix International Educational and Research Consortium

www.rierc.org
RIJEB Volume 1, Issue 8(Aug. 2012) ISSN: 2277 – 1018

LITERATURE REVIEW AND OBJECTIVES

In recent times financial inclusion has appeared as a major global agendum. At aggregate
level, the common measure of financial inclusion are the number of bank account per adult,
geographic branch penetration, demographic branch penetration, geographic ATM
penetration, demographic ATM penetration, demographic deposit penetration,
demographic credit penetration, deposit income ratio, credit income ratio and cash deposit
ratio (Beck, et al. 2006, Peachy, et al., 2006 Conrad, et al., 2008 cited in Chattopadhyay
(2011). However, these studies did not develop any composite index of financial inclusion.
Sarma, (2007) first computed the financial inclusion indices of 45 countries for the year
2004. She has constructed the index considering the indicators - the number of bank
accounts per hundred populations, the number of bank branches per thousand population
and the ratio of savings and credit to GDP of the country. Considering the almost similar
indicators Chattopadhyay (2011) has developed the financial inclusion index for the major
states in India and for all the districts in West Bengal. Karmakar, et al. (2011) have
constructed the financial inclusion for rural areas of the major twenty states in India. They
have considered number of rural outlets, number of accounts per outlet, per outlet deposit
amount, per outlet credit amount and per account deposit amount as indicator of financial
inclusion. In order to assess the performance of the public sector banks the Finance
Minister of India has introduced Financial Inclusion Index based on two criteria, namely, the
number of additional branches covered and the number of new no-frill account opened
(Government of India, 2011). All the studies have followed the similar methodology used
for computation of Human Development Index and considered the dimensions equally
important. But each dimension may not be equally important to determine financial
inclusion. So to develop a comprehensive index of financial inclusion first, researchers

Journal of Radix International Educational and Research Consortium

www.rierc.org
RIJEB Volume 1, Issue 8(Aug. 2012) ISSN: 2277 – 1018
should derive the relative importance (weight) of the indicators then compute the weighted
average of the dimensional indices. Besides, the indicators used by the studies are not
adequate for gauging all possible dimensions of financial inclusion. There may be other
indicators such as participation in SHG, per capita loan outstanding etc. Varman P (2005)
has found that the SHGs in Tamil Nadu have inculcated the banking habits in the rural
people. Several empirical studies (Adhikary and Bagli, 2010, 2011,) conducted in West
Bengal have shown that SHGs create a smooth path of financial inclusion for the rural poor.
The number of total deposit accounts has increased to 734.8 million and credit account to
118.6 million in 2010 for all banks and the number of no-frill accounts in all public and
private banks has increased to 33 million in 2009 from seven million in 2006 (RBI, 2010).
Besides, KCC scheme has brought 95 million farmers under the purview of the banking
system in 2010 as against 84.6 million farmers in 2009 and the SHG bank linkage
programme has helped seven million rural people to have access to formal savings and
formal credit (Government of India, 2011). Against this backdrop, this study has set the
objectives as follows.

 First, this study studies the relative importance of the indicators of financial inclusion.
 Second, we develop a composite index of financial inclusion for each state in India.
 Third, it has examined the degree of association between human development and
financial inclusion

METHODOLOGY AND DATA

Different studies have considered different sets of the indicators of financial inclusion in
accordance with their objectives. Majority of the indicators are common in all sets. This
study has tries to include most of the indicators found in literature for assessing the

Journal of Radix International Educational and Research Consortium

www.rierc.org
RIJEB Volume 1, Issue 8(Aug. 2012) ISSN: 2277 – 1018
performance of the states in financial inclusion. The indicators considered in this study have
been listed in table-1.

Table-1 List of the Indicators of Financial Inclusion

Indicators

Number of bank branches per lakh population aged 7+ year

Number of banks per thousand square kilometre

Number of Self-Help Groups per hundred poor population

Number of deposit accounts per hundred population aged 7+year

Number of credit accounts per hundred population aged 7+ year

Percentage of savings to net state domestic product

Percentage of credit outstanding to net state domestic product

Per capita Domestic Savings (₹‘000)

Per capita Loan Outstanding (₹‘000)

Credit deposit ratio (percentage)

Source: Authors’ own consideration

In order to derive the relative importance of the indicators of financial inclusion and to
construct the Financial Inclusion Index for each state in India this study has applied the
technique of Principal Component Analysis (PCA) on the selected indicators of financial
inclusion. Apart from deriving the relative weight of the indicators, this technique develops
a small number of uncorrelated variables called Principal Components (PCs) from a set of
large number of variables. Initially, Principal Components have been extracted by Kaiser

Journal of Radix International Educational and Research Consortium

www.rierc.org
RIJEB Volume 1, Issue 8(Aug. 2012) ISSN: 2277 – 1018
Criteria which considers only the components having Eigen value greater than one.
However, in case of PCA without rotation, the eigenvectors may not align close to the data
clusters and thus may not focus the actual states as well. The rotated PCA methods rotate
the PCA eigenvectors so that they align closer to the cluster of data. This study has applied
Varimax rotation strategy, which maximizes the variance of the rotated squared PCs. PCA
has been rotated specifying the fixed number of components. Respective rotated
component scores have been obtained by regression method. Finally, the Composite Index
of Financial Inclusion (CIFI) has been calculated taking the weighted sum of component
scores. The weight of a particular PC is the percentage of variations in the data set
explained by the respective PC after rotation. In order to examine the degree of association
between financial inclusion and human development of the states this study has calculated
the Pearson correlation coefficient of Human Development Index (HDI) and CIFI.

To study the nature of financial inclusion of 28 states in India, this study has used the state-
wise secondary cross section data for the year 2009 published by RBI in BSR, 2010, latest
data by the Government of India in Economic Survey 2010-11, Census Report 2011 and data
of SHGs from Status of Micro Finance 2009-10, NABARD. The correlation analysis is based
on the data of HDI from India Human Development Report, 2011. Due to lack of ready data
we have taken the value of HDI of north-eastern states excluding Assam as value of HDI for
each of the states in this zone.

EMPIRICAL FINDINGS

Table-2 shows that the average number of deposit account is 65 whereas the average
number of credit account is only 9 per hundred population aged seven years and above.
Therefore, average savings widening of the states shows a fair picture of financial inclusion,

Journal of Radix International Educational and Research Consortium

www.rierc.org
RIJEB Volume 1, Issue 8(Aug. 2012) ISSN: 2277 – 1018
though there is a wide variation. However, the figure of credit widening is disappointing.
The standard deviations of the number of banks per lakh population and per thousand
square kilometres indicate that bank branches have been extended in accordance with the
strength of population but not in accordance with the physical area. It may be a cause of
the high level financial exclusion of the north-eastern states of India in spite of their
moderate level of human development. It has been seen that the average saving-income
ratio of the states is fairly high. On average 47 percent of net state domestic income has
been covered by institutional credit. It appears to be a good indication of financial inclusion.
It reveals that in terms of financial deepening Indian states on average have achieved a
commendable position. It is seen that there is a wide variation among the states in terms of
per capita savings and in terms of per capita loan outstanding. There has been a noticeable
expansion of SHGs across the states which include the poor people under the purview of
formal financial institutions.

Table-2 Descriptive Statistics of the Indicators of Financial Inclusion

No. of No. of
No. of Credit Deposit Per No. of
Per capita
No. of deposit credit
Banks Net State Net State capita Credit SHGs per
Loan
Banks per accounts accounts
Statistics per Domestic Domestic Savings deposit hundred
Outstanding
lakh per per
thousand Product Product (₹, ratio (%) poor
population hundred- hundred-
2 (₹, '000)
KM Ratio (%) Ratio (%) '000) population
population population

Mean 29.29 9.29 46.59 88.94 65.21 8.79 36.03 18.94 51.69 2.95

S. D 28.46 5.39 32.15 32.04 42.59 5.88 33.58 18.53 22.90 4.44

Min. 0.95 3.42 17.55 48.71 20.83 3.12 10.20 2.73 25.29 0.30

Max. 113.54 31.87 172.91 189.56 251.84 28.00 179.60 91.47 108.09 23.93

Source: Authors’ computation

Journal of Radix International Educational and Research Consortium

www.rierc.org
RIJEB Volume 1, Issue 8(Aug. 2012) ISSN: 2277 – 1018
In table-3 the value of Kaiser-Meyer-Olkin (KMO) measure of Sampling Adequacy, which is
0.67 (greater than 0.5 is desirable), indicates that the sample size in this study is adequate
for factor analysis. The value of chi-square statistic in Bartlett’s Test of Sphericity is
statistically significant. It confirms that the selected indicators of financial inclusion are inter
correlated. Therefore, here PCA is appropriate methodology for analyzing the importance
of the selected indicators in financial inclusion.

Table-3 Results of Kaiser-Meyer-Olkin and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy. 0.647

Bartlett's Test of Sphericity Approx. Chi-Square 369.525

df 45

Sig. .000

Source: Authors’ computation

Table-4 has shown the detailed results of the PCA which reveals the variance explained by
the components at initial situation, after extraction and after rotation. The components
have been extracted using Kaiser Criteria and rotated imposing Varimax rotational method.
This study has considered three principal components which have Eigen value greater than
one. Rotation Sums of Squared Loadings indicate that the first rotated principal component
has explained 39.015 percent of total variation in financial inclusion of the states. The
second and third rotated principal components have explained 35.248 percent and 11.680
percent of variance respectively. Three components altogether accounts for 85.943 percent
of total variation in the financial inclusion of the states.

Journal of Radix International Educational and Research Consortium

www.rierc.org
RIJEB Volume 1, Issue 8(Aug. 2012) ISSN: 2277 – 1018
Table-4 Total Variance Explained

Extraction Sums of Squared

Initial Eigen values Rotation Sums of Squared Loadings
Loadings
Component
% of Cumulative % of Cumulative % of Cumulative
Total Total Total
Variance % Variance % Variance %

1 5.209 52.095 52.095 5.209 52.095 52.095 3.902 39.015 39.015

2 2.245 22.447 74.542 2.245 22.447 74.542 3.525 35.248 74.263

3 1.140 11.402 85.943 1.140 11.402 85.943 1.168 11.680 85.943

4 .796 7.964 93.907

5 .332 3.320 97.227

6 .133 1.328 98.555

7 .089 .885 99.440

8 .037 .369 99.809

9 .015 .150 99.959

10 .004 .041 100.000

Source: Authors’ computation

Table-5 represents the rotated factor loadings corresponding to the selected indicators of
financial inclusion. The indicators which have highest factor loading on component 1 are
the number of banks per thousand square kilometre, number of banks per lakh population,
number of deposit accounts per hundred-population and per capita savings. These
indicators altogether explain the highest percent of total variation in financial inclusion.

Journal of Radix International Educational and Research Consortium

www.rierc.org
RIJEB Volume 1, Issue 8(Aug. 2012) ISSN: 2277 – 1018
Therefore, these are the most important indicators of financial inclusion. Similarly, for
component 2, the indicators, namely, credit and state domestic product ratio, deposit and
state domestic product ratio, credit deposit ratio, number of credit account per hundred
population and per capita loan outstanding have the highest loading. It tells that these
indicators explain the second largest variance in the sample. So these are the secondary
indicators of financial inclusion. Finally, the only indicator, number of SHGs per hundred
poor populations, loads high in component 3. It confirms that it is the supplementary
indicators of financial inclusion in India.

Table- 5 Component Score Coefficient Matrix

All factor loading Highest factor loading

Indicators of Financial Inclusion

Component Component Component Component Component Component

1 2 3 1 2 3

.228 -.045 .194 No. of Banks per thousand KM2 .228

No. of Banks per hundred thousand

.287 -.117 .001 .287
population

Credit Net State Domestic Product

-.095 .311 -.092 .311
Ratio (%)

Deposit Net State Domestic Product

.079 .094 -.317 .094
Ratio (%)

-.144 .304 .115 Credit deposit ratio (%) .304

.279 -.078 .053 No. of deposit accounts per .279

Journal of Radix International Educational and Research Consortium

www.rierc.org
RIJEB Volume 1, Issue 8(Aug. 2012) ISSN: 2277 – 1018
hundred-population

.232 -.019 -.099 Per capita Savings (₹, '000) .232

No. of credit accounts per hundred-

.017 .252 .204 .252
population

Per capita Loan Outstanding

.028 .227 -.063 .227
(₹, '000)

No. of SHGs per hundred poor

.049 .039 .809 .809
population

Source: Authors’ computation

The respective rotated component scores have been obtained by applying regression
method and presented in table-6. In order to compute the composite index of financial
inclusion these three rotated principal components have been taken into account as they
have explained a substantial part of the total variance. The obtained rotated component
scores have been multiplied with the corresponding percentage of variations explained by
the respective component. Finally, the products have been summed up to derive the
composite scores of the states. This composite score associated with the state has been
named as Composite Index of Financial Inclusion (CIFI). In terms of CIFI, Goa is the best in
terms of financial inclusion. The second position goes to Maharashtra with score 124
followed by Kerala which has ranked first in terms of human development index of 2007-08.
The states of western region except Gujrat have done well in financial inclusion. Although
recently Gujrat is a fast growing economy, its performance in financial inclusion is not
satisfactory. It focuses that Gujrat has failed to achieve inclusive growth. Rapid expansion of

Journal of Radix International Educational and Research Consortium

www.rierc.org
RIJEB Volume 1, Issue 8(Aug. 2012) ISSN: 2277 – 1018
unorganized sector relative to organized sector may be the cause of the poor financial
inclusion in the state of Gujrat. Among the states in India the maximum number of SHGs
has been formed in Andhra Pradesh which has got sixth position in terms of financial
inclusion. It is seen that among the six leading states, four states namely Kerala (third),
Tamil Nadu (fourth) Karnataka (fifth) and Andhra Pradesh (sixth) are from southern India.

Table-6 Composite Indices of Financial Inclusion and Human Development Indices

NAME Factor-1 Factor-2 Factor-3 CIFI Rank HDI

Goa 4.45414 -0.72952 -0.32618 144.25 1 61.70

Maharastra 0.1414 3.738 -1.11829 124.21 2 57.20

Kerala 1.14818 0.48625 1.52051 79.7 3 79.00

Tamilnadu -0.17423 1.94784 0.8057 71.27 4 57.00

Karnataka 0.10797 1.32277 -0.15032 49.08 5 51.90

Andhra Pradesh -0.35053 1.23475 1.13212 43.07 6 47.30

Panjab 0.73724 0.24352 -0.1917 35.11 7 60.50

Tripura -0.03783 -0.46571 4.09406 29.93 8 57.30

Himachal Pradesh 0.54129 -0.50387 0.08165 4.31 9 65.20

Hariyana 0.18349 -0.12505 0.01389 2.91 10 55.20

West Bengal -0.13222 -0.02871 0.06786 -5.38 11 49.20

Uttarakhand 0.60332 -0.50116 -0.97447 -5.51 12 49.00

Sikkim 0.15036 -0.08408 -0.99386 -8.71 13 57.30

Gujrat -0.21038 0.04447 -0.28053 -9.92 14 52.70

Journal of Radix International Educational and Research Consortium

www.rierc.org
RIJEB Volume 1, Issue 8(Aug. 2012) ISSN: 2277 – 1018
Jammu&Kashmir -0.18152 -0.1646 -0.90327 -23.43 15 52.90

Rajasthan -0.81879 0.22395 -0.07242 -24.9 16 43.40

Orissa -0.46801 -0.2357 0.11308 -25.25 17 36.20

Mijoram -0.55395 -0.22079 0.262 -26.33 18 57.30

Uttar Pradesh -0.27351 -0.4769 -0.35353 -31.61 19 38.00

Madhya Pradesh -0.67363 -0.11957 -0.43053 -35.53 20 37.50

Meghalaya -0.2796 -0.76363 -0.21351 -40.32 21 57.30

Jharkhand -0.33205 -0.64132 -0.6284 -42.9 22 37.60

Assam -0.54767 -0.65934 0.04027 -44.14 23 44.40

Arunachal Pradesh -0.33214 -0.67137 -0.74113 -45.28 24 57.30

Nagaland -0.64199 -0.70295 0.16175 -47.94 25 57.30

Chattisgarh -0.70191 -0.53573 -0.22327 -48.88 26 35.80

Bihar -0.40046 -0.82511 -0.47367 -50.24 27 36.70

Monipur -0.95696 -0.78642 -0.21782 -67.6 28 57.30

Source: Authors’ computation and India Human Development Report, 2011

Therefore, southern part of India has come forward in terms of the performance of
financial inclusion. In spite of the existence of strong network of banks and cooperatives
West Bengal has occupied 11th position. Five states among the seven sisters in the north-
eastern part of India are close to the bottom rows. It may happen due to lack of well
communication and non-availability of the financial service outlets within reach. So far, the
most of the states have been stuck to low or very low level of financial inclusion. There is a
high level of disparity among the states with respect to their performance in financial

Journal of Radix International Educational and Research Consortium

www.rierc.org
RIJEB Volume 1, Issue 8(Aug. 2012) ISSN: 2277 – 1018
inclusion. However, the causes of the low level financial inclusion are not same for all
states. These are region-specific. For example, low education and low income may be the
causes of low level financial inclusion in Bihar, Jharkhand, Chattisgarh, and Madhya
Pradesh. In Monipur and Nagaland poor information technology engraves the problem of
financial exclusion. It is indicative that it is difficult for India to reach the complete financial
inclusion in real sense by 2015.

Table 7 Correlations among Per Capita State Domestic Product, CIFI and HDI

PCSDP CIFI HDI

PCSDP 1 .243 (.212) .329 (.087)

**
CIFI 1 .515 ( .005)

HDI 1

Source: Authors’ computation

Table-7 depicts that there is a positive and significant linear association between HDI and
FII. But the association of per capita state domestic product (PCSDP) with the financial
inclusion is not statistically significant. Therefore, financial inclusion is not necessarily a
stimulating factor of growth or income is not the significant determinant of financial
inclusion. But financial inclusion can promote human development which in turn
accelerates financial inclusion.

Journal of Radix International Educational and Research Consortium

www.rierc.org
RIJEB Volume 1, Issue 8(Aug. 2012) ISSN: 2277 – 1018
CONCLUSION

This study has constructed a composite index of financial inclusion for each state using a
wide range of indicators. The computed values of CIFI demonstrate that till date in financial
inclusion the plight of the states in India is not commendable. It would be helpful to the
governments or financial regulators or other bodies of policy-makers in near future to
enhance financial inclusion. In our society generally the marginalized groups of population
are financially excluded. In most of the cases their livelihoods are not monetized and they
are deprived of the financial inclusion. Besides, they are not well aware of the available
banking services; on the other hand, banking officials are not also well aware of the needs
and capacity of the people under this section. As a result banks cannot bring them under
the umbrella of financial inclusion. Therefore, the mass financial literacy and awareness
among the marginalized sections of people are absolutely necessary to achieve financial
inclusion. Juxtaposed with this, financial institutions will have to be socially responsible as
well as approachable to achieve complete financial inclusion.

REFERENCES

Adhikary, M. L and Bagli, S. (2010), ‘Impact of SHGs on Financial Inclusion – A case Study in
the District of Bankura’, Journal of Management and Information Technology, Vol. 2, No.1,
pp. 16-32.

Adhikary, M. L. and Bagli, S. (2011) ‘SHGs and Access to Affordable Credit An Empirical
Study in Bankura District’ in S. K. Dutta (Eds.), Development and Rural Livelihood,
Department of Economics, Burdwan University. & Levant Books, Kolkata, 170-191.

Journal of Radix International Educational and Research Consortium

www.rierc.org
RIJEB Volume 1, Issue 8(Aug. 2012) ISSN: 2277 – 1018
Chattopadhyay, S. K. (2011), ‘Financial Inclusion in India: A Case-study of West Bengal’, RBI
Working Paper Series (DEPR): 8/2011, Available at: http://www.rbidocs.rbi.org.in [Accessed
on 22 January, 2012]

Government of India (2011), ‘Provisional Population Totals’, Paper 1 of 2011 India Series1,
Table 2(2), Ministry of Home Affairs, Available at: http//www.censusindia.gov.in/ [Accessed
on 22 January, 2012]

Government of India (2011), Economic Survey, 2010-11, Ministry of Finance, Department of

Economic Affairs, Oxford University Press, New Delhi.

Government of India (2011), India Human Development Report 2011, Toward Social
Inclusion, Institute of Applied Manpower Research Planning Commission, Oxford University
Press, New Delhi.

Karmakar, K.G. Banerjee, G.D. and Mohapatra, N.P. (2011) ‘Towards Financial Inclusion in
India’, Sage Publications India Pvt. Ltd, New Delhi

NABARD (2008) ‘Report of the Committee on Financial Inclusion’, January, 2008, Available
from: www.nabard.org/pdf/report [Accessed on 16 September, 2011]

NABARD (2011) Status of Micro Finance in India 2009-10, Available from:

http://www.nabard.org [Accessed on 22 January, 2012]

Journal of Radix International Educational and Research Consortium

www.rierc.org
RIJEB Volume 1, Issue 8(Aug. 2012) ISSN: 2277 – 1018
Reserve Bank of India (2010) ‘Basic Statistical Returns of Scheduled Commercial Banks in
India 2010’, Table No. 1.5, Available from: http //www.rbi.org.in [Accessed on 22 January,
2012]

Sarma, M. (2008) ‘Index of Financial Inclusion A Concept Note’, ICRIER Working paper No.
215 Indian Council for Research in International Economic Relations, New Delhi June 2008,
Available from: http//www.icrier.org/pdf/mandira [Accessed on 14 January 2010]

Varman, P. M. (2005) ‘Impact of Self-Help Groups on Formal Banking Habits’, Economic and
Political Weekly, Vol. XL No. 17, pp. 1705-1713.

Journal of Radix International Educational and Research Consortium

www.rierc.org

View publication stats