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3. Majority of the respondents were illiterate ( 37% ) and semiliterate (25%) which implies that their
literacy level was not enough to understand a financial product, or the complications attached with
opening a saving bank account or operating it conveniently.
4. 27% of the families were having sole earning member. 61% of the families have 2 earning members.
No. of earning members are less with respect to the large family size which affects the saving
behaviour of an individual.
5. Mostly the labourer class is deprived of the financial products as they are illiterate. They are unaware
of government schemes. The lack of a regular or substantial income is the main reason for financial
exclusion. Some of them also don’t have job cards because of political issues. They struggle to save a
penny.
6. 79% respondents are engaged in the unorganized sector viz. laborers, farmers and weavers.
Issues related to Financial Positions:
1. Out of the 68 rural households who save a part of their income 41(60%) said they save 0-5% of their
income which means they generally have very small amount for savings.
2. The earning of most of the rural inhabitants (67%) ranges from Rs. 2000-4000 per month. The
earning pattern is either daily for the laborers (27%) or monthly for the marginal farmers and
weavers (73%).
3. Most of the respondents have a bank account but they prefer to save cash at home instead of bank.
4. Even if they keep their savings in the bank they use it regularly, weekly or monthly.
5. Most of the rural Individuals have a saving bank account for applying for a ration card, job card or
KCC accounts.
Issues related to Banking Habits:
1. Many individuals (37%) had more than one bank account but they were inoperative.
2. Though almost every rural inhabitants had anAadhaar card (94%), their account were not Aadhaar linked.
3. Most of the rural people (87%) did not had knowledge of ATM card they were using a withdrawal
slip to withdraw money from bank.
4. The overall transaction cost to the customers in terms of both time and money proves to be a major
deterrent for visiting financial institutions. The excluded section of the society find informal sector
more reachable due to proximity and ease of transaction. Moreover they find dealing with organized
financial sector cumbersome.
5. Due to illiteracy many people have a misconception about the PMJDY. There is a notion that they
will be getting money by opening account under this scheme. So the people who have a previous
bank account are also opening no frill account again.
6. Mostly the persons interviewed have availed service products such as payment and remittances
(25%), loans and advances (30%), Kisan Credit Card (45%). Very few rural people use ATM/Debit
card (13%). RuPay cards are in the process of distribution. Net banking and Mobile banking is still
a long way to achieve
