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Inclusive Growth in Haryana Through Financial Services: A Banking Holders Perspective

In: Proceedings of the 2nd International Conference on Emerging Technologies and Sustainable Business Practices-2024 (ICETSBP 2024)

Author

Listed:
  • Rishabh Monga

    (Chandigarh University)

  • Vipin Sharma

    (Chandigarh University)

Abstract

In Haryana, India, financial inclusivity remains a significant challenge despite rapid economic development. Inclusive growth necessitates the equitable distribution of economic resources and the empowerment of all sections of society through access to essential financial tools. This study aims to examine the role of financial services in promoting inclusive growth in Haryana from the perspective of banking account holders. A mixed-methods approach was employed, combining quantitative data from a survey of 110 bank account holders across various districts in Haryana with qualitative insights from in-depth interviews. The survey included 17 questions, and the Cronbach’s alpha was 0.892, indicating excellent reliability. Descriptive analysis and linear regression were used to find the impacts of the variables. The results revealed a mixed perception of financial services among respondents. While there has been significant progress in the reach of banking services, substantial challenges remain, including gaps in financial literacy, product suitability, and service delivery, particularly in rural areas. The findings suggest that opinions on the improvement of banking services were divided, with 13.6% strongly agreeing and 31.8% disagreeing. Perceptions of the accessibility and effectiveness of financial literacy programs, digital banking services, and microfinance institutions were varied. Financial services play a crucial role in driving inclusive development in Haryana. While progress has been made, there are still significant gaps in service delivery and financial literacy that need to be addressed. Targeted policy recommendations include improving financial literacy, developing microfinance frameworks, and integrating technological advancements into banking services to bridge the urban-rural divide. Continuous assessment and monitoring of financial services are essential to ensuring their efficacy in promoting inclusive growth.

Suggested Citation

  • Rishabh Monga & Vipin Sharma, 2024. "Inclusive Growth in Haryana Through Financial Services: A Banking Holders Perspective," Advances in Economics, Business and Management Research, in: Nitin Pathak & Munish Gupta & Vikas Sharma & Amita Chaudhary (ed.), Proceedings of the 2nd International Conference on Emerging Technologies and Sustainable Business Practices-2024 (ICETSBP 2024), pages 305-319, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-544-7_20
    DOI: 10.2991/978-94-6463-544-7_20
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