Financial literacy is important for financial inclusion because people are not yet awareness about the banking facilities and they fell into the hands of non financial institutions mainly it happens in rural areas. So there is a need to make financial literacy compulsory which is possible with the help of banks. Banks are doing a bit to make people aware about the financial services but its not enough there is a need to spread financial inclusion like a wild fire. Financial inclusion will not be successful till people aren’t aware of these services.
India is a country were majority of people has a mobile phones but no bank accounts. To make people aware of banking services mobile phones can be used for advertisement purpose. Mobile phone has a great scope in banking sector only there is a need to aware people about it. India is not so much popular for mobile banking so further people can use mobile for banking also first they should have a link with bank.
What I have seen the main problem is that people are not aware of the latest schemes that are present in the system. It is because lack of communication between the system and its people.
Banks have a big role to play to make each and every scheme successful. How they can do this by train there employs and BCs about the latest schemes that bank have introduces for its people and how they can promote these schemes is through financial lit...
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...much profitable but it should always be reminisced that even the relatively low precincts on high volumes can be a very profitable proposition.
It is becoming gradually ostensible that addressing financial exclusion will require a universal approach on the part of the bank in creating wakefulness about financial products, education, and advice on money managing, debt analysis, investments and affordable credit. The bank has to develop specific strategies to increase the outreach of its services in order to encourage financial inclusion.
The suggestions and recommendations if correctly professed and properly implemented will surely go a long way to make the overall financial inclusion drive of J&K Bank more effective and efficient, this will help the Bank to upsurge its outreach. So in the sense it will benefit the society as a whole and also it will boost economy.
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