Assessing Financial Inclusion Among Rural Women in Haryana

Abstract

Financial inclusion is now a key policy priority for socio-economic development, as the policy goal of supporting economic development that is fair and equitable, particularly for rural women. To make women economically independent, they are supported by formal financial services to increase their saving, credit and livelihood. The objective of this study is to analyse the financial inclusion of women in rural areas of Haryana and identify the factors influencing women's financial inclusion and utilisation. The type of research used in this research is descriptive type and the technique used is secondary data and primary data. The major data collected were structured questionnaires filled by rural female population of selected districts from the state of Haryana. Secondary data were collected through government reports, research articles, banking publications and financial inclusion database. It looks at a range of facets of financial inclusion: access to bank accounts, access to credit, use of digital payments, involvement in savings initiatives, financial literacy and financial programme awareness. The results demonstrate a high level of success for financial inclusion policies in making large percentages of rural women bank account holders, but limited success in bringing in the use of financial services. Educational attainment, household income, digital skills, social norms and financial services are important factors, among others, that drive the extent of financial inclusion. The research also revealed that financial engagement of women in rural areas has been proved to be useful and positive by various government scheme and self-help groups and digital banking system. But challenges such as poor financial knowledge, lack of financial technology skills, cultural barriers and lack of access to formal financing are still slowing progress towards complete financial inclusion.

The study found that the financial literacy program and its financial inclusion outcomes can significantly be improved through strengthening financial literacy program, expanding digital infrastructure, promoting women-centric banking services, and enhancing financial products awareness. Increased financial inclusion of women can be a part of the economic empowerment and poverty alleviation and thus sustainable rural development in Haryana.