International Journal of Applied Marketing and Management

Neetu Andotra ¹, Rashmi Manhas ¹

Affiliations
1 Department of Commerce, University of Jammu, Jammu & Kashmir, IN

Abstract

Financial inclusion has become one of the most critical aspects in the context of inclusive growth and sustainable development in developing countries like India. Financial inclusion is a process of ensuring access to suitable financial products and services needed by susceptible groups such as weaker sections and low-income groups at an affordable cost in a fair and transparent manner by mainstream financial institutional players. Despite impressive economic growth over the last two decades, many countries in the world are experiencing inequalities leading to adverse consequences for social cohesion which in turn, could dampen growth prospects. Therefore, financial inclusion has emerged as an important topic on the global agenda for sustainable long-term economic growth. The present study is an attempt to assess the role of post offices in financial inclusion and economic development in the Jammu division of Jammu & Kashmir State. Both primary and secondary data were used for conducting the study. For primary data, 1050 questionnaire were distributed among customers of post offices of Jammu division and secondary data were collected using Internet, journals, and post offices. The most important aspect of financial inclusion is financial literacy but it was found that there is lack of awareness among rural masses about various schemes of financial inclusion. The study is limited to the perception of post office customers only and could be carried further on the perception of other stakeholders such as post office officials and business correspondents.

Keywords

Post Offices, Access, Financial Services, Financial Inclusion, Economic Development.

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