Access to Finance in Madhya Pradesh: An Exploratory Study
Keywords:
Microfinance, Savings, Financial servicesAbstract
Access to finance refers to the possibility that individuals or enterprises can access financial services, including credit, deposit, payment, insurance, and other risk management services. Access to financial services allows the people to make investments to increase their source of income for smooth, safe and fulfilling lives. In spite of intense financial sector reforms in state of Madhya Pradesh, the picture of society in terms of access to financial services is changing very slowly. The present study is an exploratory study and it makes an assessment on the position of access to finance in state of Madhya Pradesh. This study is based on secondary data available on various website, journals and books. The assessment is based on indicators of access to finance like credit growth, deposit growth, growth in bank branches, growth in SHG-Bank linkage programme, growth in micro-insurance and microfinance poverty penetration index. The findings of the study highlights the status of efforts in access to finance to eliminate the poverty and increasing the source of income of people in Madhya Pradesh.
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