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vi. Karaikal is poor in credit penetration in comparison to Puducherry. Out of 89 respondents in
Karaikal only 13 of them availed credit facility whereas in Puducherry 47 out of 81 respondents
availed the credit facility.
vii. Aadhar card linkage in the UTP is successful as majority has linked their Aadhar with bank accounts,
which is a magnificent Govt. Policy achievement. DBT for LPG, MNREGA wage and enablement of
subsidies are core reason behind it, as revealed by eighty five per cent of the sample respondents.
viii.After one year of commencement of the insurance scheme under Pradhan Mantri Jan Dan Yojana
(PMJDY), the number of respondents opting for these insurance products is very low. Out of the
three insurance schemes introduced under PMJDY, more participation is under Pradhan Mantri
Suraksha Bima Yojana (PMSBY) over the other two (Pradhan Mantri Jeevan Jyothi Yojana and Atal
Pension Yojana).
ix. Only 41 % of the respondents have attended the financial literacy programmes of the UT conducted
by the Financial Literacy and Counselling Centre. Those who have attended the Financial Literacy
campaigns feels it useful and helpful. This calls for in-depth development in these areas and to
induce the coverage of all the verticals under the Comprehensive Financial Inclusion.
x. Majority of the respondents (43 %) opened the bank account with an insight of saving their income,
which is a positive note. This implies people understand the importance of saving under the
institutional framework.
Major Recommendations:
i. Granting Credit Facilities: RBI has already taken the initiative in granting small credit facilities in
form of Over Drafts, GCC/KCC, etc under FI programme. However, there is declining trend in its
issuance and usage. Banks should ensure that all the eligible persons are granted these small credit
facilities. The customers should be made aware of the usefulness and usage of cards and facilities he
possess.
ii. More focus on Insurance Products: The banks should know the importance of protecting the
risk factors of their customers. They should guide their customers and promote them to take up
insurance products that reduce their risk elements. This will enable the people to be protected under
the umbrella of institutional framework.
iii. Gear up MFI Linkage:The Micro Finance Institutions (MFI) have become a powerful tool for fighting
poverty. The banksmust gear up the SHGand JLGbank linkages for effective delivery of financial services.
iv. Expanding Financial Literacy Programmes: Even though, the works of FLCC in imparting financial
literacy is commendable, it should not confine to a few villages and districts. More FLCC needs to be
set up throughout the UT and a proper orientation needs to be given to the people on its usefulness.
Attaining financial literacy is an important tool in achieving Financial Inclusion. Financial Literacy
Programmes can be made more interactive and innovative by introducing live demonstrations rather
than having mere classes and lectures. These small steps can make a big difference in imparting
financial knowledge among masses which ultimately removes Financial Exclusion.
v. Monitoring Financial Inclusion: Separate wing or monitoring cell may be set up for supervising
Financial Inclusion status of the villages falling under the covered area of the bank branch. These
cells can review the performance, suggest measures and recommend policies on a regular basis for
effective implementation of FI programme.
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