Benefits and constraints faced by usage of government saving schemes by rural and urban people
Ekta Kapri, Binoo Sehgal, Kusum Rana
India is currently undergoing rapid changes mainly because of the liberalization of the economy. Along with the economic changes, social values and social structures are also rapidly changing and affecting one another. In recent years the Indian Government and the Reserve Bank of India have been pushing the concept of financial inclusion. Central government announced some saving schemes and called it as the National Mission on Financial Inclusion (NMFI) for weaker section and low income groups.The present study was conducted in Hisar district of Haryana state with the objective to find out knowledge and adoption/use of government saving schemes. Two villages i.e. Dabra and Devan from two different blocks and two urban localities from two different wards were randomly selected. Fifty rural respondents from the two blocks (25 from each village) and 50 urban respondents from the two wards (25 from each urban locality) were randomly selected. Thus, the total number of respondents was 100. An interview schedule was developed for the collection of data. The results show that 71 per cent respondents were having accounts in banks and 29 per cent were having accounts in both banks and post office. Cent per cent of rural and 72 per cent of urban respondents adopted at least one government saving scheme while 28 per cent of urban respondents did not adopt any saving scheme. In total, 115 saving schemes were adopted by 50 (100%) rural respondents while only 60 saving schemes were adopted by 36 (72%) urban respondents. Amongst saving schemes, 94 per cent respondents were aware about Pradhan Mantri Jan Dhan Yojana but only 50 per cent of the respondents adopted it followed by Kisan Vikas Patra. Major source of information about government saving schemes was newspaper and television.Cent percent respondents were aware that government saving schemes were offered by State Bank of India. Thus it can be concluded that urban and rural people both were quite aware and were using government saving schemes but there was still need that knowledge about these saving schemes should be disseminated more to rural and urban masses so that more people should adopt them and be benefitted from these useful schemes. The constraints faced by the users of these saving schemes should also be taken care of by the government.