Advertisement

Understanding Financial Inclusion in India: A Theoretical Framework Building Through SAP–LAP and Efficient IRP

  • Shruti MalikEmail author
  • Girish Chandra Maheshwari
  • Archana Singh
Original Research
  • 145 Downloads

Abstract

The purpose of this paper is to analyse the current financial inclusion situation in India, identify the gaps and suggest some way forward to bridge these gaps. In this study, situation-actor-process (SAP) learning-action-performance (LAP) model is applied to present the comprehensive view on financial inclusion in India. Further, the interrelation between the various elements of SAP–LAP is established through efficient interpretive ranking process. The SAP–LAP model helps to better understand the current situation of financial inclusion and helps the ‘actors’ to initiate appropriate actions based on the ‘learning’ of the study. The study highlights the area where stakeholders need to focus for better inclusion of people under banking system. The paper is first of its kind which provides a systematic framework to study the financial inclusion in India using SAP–LAP framework.

Keywords

Efficient interpretive ranking process (IRP) Financial inclusion SAP–LAP framework 

Notes

References

  1. Akotey, J. O., & Adjasi, C. (2014). The impact of microinsurance on household asset accumulation in Ghana: An asset index approach. Geneva Papers on Risk and Insurance: Issues and Practice, 39(2), 304–321.  https://doi.org/10.1057/gpp.2014.6.CrossRefGoogle Scholar
  2. Allen, F., Demirguc-Kunt, A., Klapper, L., & Martinez Peria, M. S. (2016). The foundations of financial inclusion: Understanding ownership and use of formal accounts. Journal of Financial Intermediation, 27(1), 1–30.  https://doi.org/10.1016/j.jfi.2015.12.003.CrossRefGoogle Scholar
  3. Allgood, S., & Walstad, W. B. (2016). The effects of perceived and actual financial literacy on financial behaviours. Economic Inquiry, 54(1), 675–697.CrossRefGoogle Scholar
  4. Alvaredo, F., & Gasparini, L. (2015). Recent trends in inequality and poverty in developing countries. Handbook of Income Distribution, 2, 697–805.  https://doi.org/10.1016/B978-0-444-59428-0.00010-2.CrossRefGoogle Scholar
  5. Amidžić, G., Massara, A., & Mialou, A. (2014). Assessing countries financial inclusion standing: A new composite Index. IMF working papers no. 14/36. Washington, DC.  https://doi.org/10.5089/9781475569681.001.
  6. Anson, J. (2016). Postal savings and financial inclusion in Asia: Addressing the great geographic, gender and growth gaps. Presentation at the regional conference on postal saving system in Asia: What we know and what to expect? Tokyo, Japan, February.Google Scholar
  7. Anson, J., Berthaud, A., Klapper, L., & Singer, D. (2013). Financial inclusion and the role of the post office. Policy Research Working Paper 6630, The World Bank, October.Google Scholar
  8. Ardic, O. P., Heimann, M., & Mylenko, N. (2011). Access to financial services and the financial inclusion Agenda around the world a cross-country analysis with a new data set. Policy research working papers No. 5537, The World Bank, Washington, DC. January.  https://doi.org/10.1021/acsanm.8b00219.
  9. Arshinder, K. A., & Deshmukh, S. G. (2007). Supply chain coordination issues: An SAP–LAP framework. Asia Pacific Journal of Marketing and Logistics, 19(3), 240–264. CrossRefGoogle Scholar
  10. Atanasova, C. V., & Wilson, N. (2003). Bank borrowing constraints and the demand for trade credit: Evidence from panel data. Managerial and Decision Economics, 19(3), 240–264.  https://doi.org/10.1002/mde.1134.CrossRefGoogle Scholar
  11. Atkinson, A., & Messy, F.-A. (2013). Promoting financial inclusion through financial education. OECD working papers on finance, insurance and private pensions, no. 34, OECD Publishing. http://doi.org/10.1787/5k3xz6m88smp-en.
  12. Banerjee, A. V., & Duflo, E. (2007). The economic lives of the poor. Journal of economic perspectives, 21(1), 141–168.CrossRefGoogle Scholar
  13. Barnwal, P. (2015). Curbing leakage in public programs with biometric identification systems: Evidence from India’s fuel subsidies, job market paper. Retrieved from http://www.med.uio.no/helsam/english/research/news-andevents/events/conferences/2015/vedlegg-warsaw/subsidy-leakage-uid.pdf. Accessed July 12, 2018.
  14. Basu, P., & Srivastava, P. (2005). Exploring possibilities: Microfinance and rural credit access for the poor in India. Economic and Political Weekly, 1747–1756.Google Scholar
  15. Beck, T., Demirguc-Kunt, A., Laeven, L., & Levine, R. (2008). Finance, firm size, and growth. Journal of Money, Credit, and Banking, 40(7), 1379–1405.  https://doi.org/10.1111/j.1538-4616.2008.00164.x.CrossRefGoogle Scholar
  16. Beck, T., Demirguc-Kunt, A., & Levine, R. (2007a). Finance, inequality and the poor. Journal of Economic Growth, 12(1), 27–49.  https://doi.org/10.1007/s10887-007-9010-6.CrossRefGoogle Scholar
  17. Beck, T., Demirguc-Kunt, A., & Martinez Peria, M. S. (2007b). Reaching out: Access to and use of banking services across countries. Journal of Financial Economics, 85, 234–266.  https://doi.org/10.1016/j.jfineco.2006.07.002.CrossRefGoogle Scholar
  18. Bhanot, D., Bapat, V., & Bera, S. (2012). Studying financial inclusion in north-east India. International Journal of Bank Marketing, 30(6), 465–484.  https://doi.org/10.1108/02652321211262221.CrossRefGoogle Scholar
  19. Brown, M., Guin, B., & Kirschenmann, K. (2016). Microfinance banks and financial inclusion. Review of Finance, 20(3), 907–946.  https://doi.org/10.1093/rof/rfv026.CrossRefGoogle Scholar
  20. Brune, L., Giné, X., Goldberg, J., & Yang, D. (2012). Commitments to save: A field experiment in rural Malawi. Policy research working paper 5748, The World Bank, August.  https://doi.org/10.2139/ssrn.1904244.
  21. Cámara, N., & Tuesta, D. (2015). Measuring financial inclusion: A multidimensional index, BBVA research, Working paper No. 14/26, Madrid, September.  https://doi.org/10.2139/ssrn.2634616.
  22. Chakrabarty, K. (2011). Financial inclusion and banks—Issues and perspectives. UNDP (The United Nations Development Programme) Seminar on “Financial Inclusion: Partnership between Banks, MFIs and Communities”, New Delhi, 14 October. Retrieved from https://www.bis.org/review/r111018b.pdf. Accessed October 20, 2018
  23. Chakrabarty, K. C. (2012). Financial inclusion: issues in measurement and analysis. In Keynote address, BIS-BNM workshop on financial inclusion indicators, Kuala Lumpur, November.Google Scholar
  24. Chakrabarty, K. C. (2013). Financial inclusion in India: Journey so far and way forward. Keynote Address at the finance inclusion conclave. Organized by CNBC TV, 18, New Delhi.Google Scholar
  25. Chakravarty, S. R., & Pal, R. (2010). Measuring financial inclusion: An axiomatic approach. Journal of Policy Modeling, 35(5), 813–837.CrossRefGoogle Scholar
  26. Charan, P. (2012). Supply chain performance issues in an automobile company: A SAP–LAP analysis. Measuring Business Excellence, 16(1), 67–86.  https://doi.org/10.1108/13683041211204680.CrossRefGoogle Scholar
  27. Chatrath, S. & Vallabh, G. (2006). Role of banks in agricultural and rural development. Chartered Accountant-New Delhi, 54(8), 1122. Retrieved at http://www.ruralfinance.org/fileadmin/templates/rflc/documents/102901122-1130.pdf. Accessed October 02, 2018.
  28. Chauvet, L., & Jacolin, L. (2017). Financial inclusion, bank concentration, and firm performance. World Development, 97, 1–13.  https://doi.org/10.1016/j.worlddev.2017.03.018.CrossRefGoogle Scholar
  29. Chiapa, C., Prina, S., & Parker, A. (2016). The effects of financial inclusion on Children’s schooling, and parental aspirations and expectations. Journal of International Development, 28(5), 683–696.  https://doi.org/10.1002/jid.3137.CrossRefGoogle Scholar
  30. Chibba, M. (2009). Financial inclusion, poverty reduction, and the millennium development goals. European Journal of Development Research, 21(2), 213–230.  https://doi.org/10.1057/ejdr.2008.17.CrossRefGoogle Scholar
  31. Claessens, S. (2006). Access to financial services: A review of the issues and public policy objectives. The World Bank Research Observer, 21(2), 207–240.CrossRefGoogle Scholar
  32. Clamara, N., Peña, X., & Tuesta, D. (2014). Factors that matter for financial inclusion: Evidence from Peru. BBVA Working Paper No. 14/09, Madrid, February.Google Scholar
  33. Cnaan, R. A., Moodithaya, M. S., & Handy, F. (2012). Financial inclusion: Lessons from rural South India. Journal of Social Policy, 41(1), 183–205.  https://doi.org/10.1017/s0047279411000377.CrossRefGoogle Scholar
  34. Cohen, M., & Nelson, C. (2011). Financial literacy: A step for clients toward financial inclusion. Global Microcredit Summit, 14–17, November. Retrived from http://www.microcreditsummit.org/uploads/resource/document/cohenm_financial_literacy_39948.pdf. Accessed November 15, 2018.
  35. Cole, S., Sampson, T. & Zia, B. (2009). Money or knowledge? What drives demand for financial services in emerging markets? Harvard Business School Working Paper, 09-117. Cambridge, MA: Harvard Business School.Google Scholar
  36. Demirgüç-Kunt, A., Beck, T., & Honohan, P. (2008). Finance for all? Policies and pitfalls in expanding access. A World Bank Policy Research Report, The World Bank, Washington, DC.  https://doi.org/10.1596/978-0-8213-7291-3
  37. Demirgüç-Kunt, A., & Klapper, L. (2013). Measuring financial inclusion: Explaining variation in use of financial services across and within countries. Brookings Papers on Economic Activity, 2013(1), 279–340.  https://doi.org/10.1353/eca.2013.0002.CrossRefGoogle Scholar
  38. Demirgüç-Kunt, A., Klapper, L., Dorothe, S., Ansar, S., & Hess, J. (2018). The Global Findex database 2017Measuring financial inclusion and the Fintech revolution. Washington, DC: World Bank.  https://doi.org/10.1596/978-1-4648-1259-0
  39. Demirguc-kunt, A., Klapper, L., & Singer, D. (2017). Financial inclusion and inclusive growth: A review of recent empirical evidence. Policy research working paper no. 8040, The World Bank, Washington, DC.  https://doi.org/10.1016/j.enbuild.2018.08.049.
  40. Demirgüç-Kunt, A., Klapper, L. F., Singer, D. & Van Oudheusden, P. (2015). The Global Findex database 2014: Measuring financial inclusion around the world. Policy research working paper no. 7255, World Bank, Washington, DC.Google Scholar
  41. Dixit, R., & Ghosh, M. (2013). Financial inclusion for inclusive growth of India—A study of Indian States. International Journal of Business Management and Research, 3(1), 147–156.  https://doi.org/10.1016/0308-9126(82)90083-9.CrossRefGoogle Scholar
  42. DoFS. (2017). Report on various programmes including Stand Up India scheme. Department of financial services (DoFS), Government of India. Retrieved from http://financialservices.gov.in/project. Accessed September 30, 2018.
  43. Dupas, P., & Robinson, J. (2013). Savings constraints and microenterprise development: Evidence from a field experiment in kenya. American Economic Journal: Applied Economics, 5(1), 163–192.  https://doi.org/10.1257/app.5.1.163.CrossRefGoogle Scholar
  44. ESI. (2016). Economic survey report 201617. Government of India. http://indiabudget.nic.in/es2016-17/echapter.pdf. Accessed 2 Mar 2017.
  45. Fungáčová, Z., & Weill, L. (2014). Understanding financial inclusion in China. China Economic Review, 34, 196–206.  https://doi.org/10.1016/j.chieco.2014.12.004.CrossRefGoogle Scholar
  46. Garg, A., & Deshmukh, S. G. (2010). Engineering support issues for flexibility in maintenance: An SAP–LAP framework. Asia Pacific Journal of Marketing and Logistics, 22(2), 247–270.  https://doi.org/10.1108/13555851011026980.CrossRefGoogle Scholar
  47. Ghosh, K., & Sahney, S. (2010). Organizational sociotechnical diagnosis of managerial retention in an IT organization: SAP–LAP framework. International Journal of Organizational Analysis, 18(1), 151–166.  https://doi.org/10.1108/19348831011033258.CrossRefGoogle Scholar
  48. Ghosh, S., & Vinod, D. (2017). What constrains financial inclusion for women? Evidence from Indian micro data. World Development, 92, 60–81.  https://doi.org/10.1016/j.worlddev.2016.11.011.CrossRefGoogle Scholar
  49. Gosavi, A. (2018). Can mobile money help firms mitigate the problem of access to finance in eastern sub-Saharan Africa? Journal of African Business, 19(3), 343–360.  https://doi.org/10.1080/15228916.2017.1396791.CrossRefGoogle Scholar
  50. Gupta, S. D., & Chatterjee, S. (2018). Social entrepreneurship through micro-entrepreneurs of self-help groups. In A. Agrawal & P. Kumar (Eds.), Social entrepreneurship and sustainable business models (pp. 161–175). Cham: Palgrave Macmillan.CrossRefGoogle Scholar
  51. Gupta, P. J., & Suri, P. K. (2018). Analysing the influence of improved situation, capability level of actors and flexible process workflow on public value of e-governance projects in India. Global Journal of Flexible Systems Management, 19(4), 349–372.CrossRefGoogle Scholar
  52. Gupte, R., Venkataramani, B., & Gupta, D. (2012). Computation of financial inclusion index for India. Procedia - Social and Behavioral Sciences, 37, 133–149.  https://doi.org/10.1016/S0892-1997(05)80195-X.CrossRefGoogle Scholar
  53. Gwalani, H., & Parkhi, S. (2014). Financial inclusion-building a success model in the Indian context. Procedia-Social and Behavioral Sciences, 133, 372–378.CrossRefGoogle Scholar
  54. Haleem, A., Sushil, Qadri, M. A., & Kumar, S. (2012). Analysis of critical success factors of world-class manufacturing practices: An application of interpretative structural modelling and interpretative ranking process. Production Planning and Control, 23(10–11), 722–734.  https://doi.org/10.1080/09537287.2011.642134.CrossRefGoogle Scholar
  55. Hannig, A., & Jansen, S. (2010). Financial inclusion and financial stability: Current policy issues. ADBI working paper no. 259, Asian Development Bank Institute, Tokyo.  https://doi.org/10.2139/ssrn.1729122.
  56. Hoyo, C., Pena, X. & Tuesta, D. (2013). Demand factors that influence financial inclusion in Mexico: analysis of the barriers based on the ENIF survey. BBVA working papers no. 1337, June. Retrieved from https://www.bbvaresearch.com/KETD/fbin/mult/WP13 37tcm348-415216.pdf. Accessed November 05, 2018.
  57. Inoue, T., & Hamori, S. (2012). How has financial deepening affected poverty reduction in India? Empirical analysis using state-level panel data. Applied Financial Economics, 22(5), 395–408.  https://doi.org/10.1080/09603107.2011.613764.CrossRefGoogle Scholar
  58. Islam, A., Muzi, S., & Rodriguez Meza, J. L. (2017). Does mobile money use increase firms’ investment? Evidence from enterprise surveys in Kenya, Uganda, and Tanzania. Small Business Economics, 51(3), 687–708.  https://doi.org/10.1007/s11187-017-9951-x.CrossRefGoogle Scholar
  59. Jack, W., & Suri, T. (2011). Mobile money: The economics of M-PESA. Working paper no. 16721, National Bureau of Economic Research.  https://doi.org/10.3386/w16721.
  60. Jack, W., & Suri, T. (2014). Risk sharing and transactions costs: Evidence from Kenya’ s mobile money revolution. American Economic Review, 104(1), 183–223.  https://doi.org/10.1257/aer.104.1.183.CrossRefGoogle Scholar
  61. Janzen, S. A., & Carter, M. R. (2018). After the drought: The impact of microinsurance on consumption smoothing and asset protection. Working paper no. 19702, National Bureau of Economic Research.  https://doi.org/10.1093/ajae/aay061.
  62. Jones, P. A. (2008). From tackling poverty to achieving financial inclusion—The changing role of British credit unions in low income communities. Journal of Socio-Economics, 37(6), 2141–2154.  https://doi.org/10.1016/j.socec.2007.12.001.CrossRefGoogle Scholar
  63. Kabakova, O., & Plaksenkov, E. (2018). Analysis of factors affecting financial inclusion: Ecosystem view. Journal of Business Research, 89, 198–205.  https://doi.org/10.1016/j.jbusres.2018.01.066.CrossRefGoogle Scholar
  64. Kabra, G., & Ramesh, A. (2015). Analyzing ICT issues in humanitarian supply chain management: A SAP–LAP linkages framework. Global Journal of Flexible Systems Management, 16(2), 157–171.  https://doi.org/10.1007/s40171-014-0088-3.CrossRefGoogle Scholar
  65. Kapoor, A. (2014). Financial inclusion and the future of the Indian economy. Futures, 56, 35–42.  https://doi.org/10.1016/j.futures.2013.10.007.CrossRefGoogle Scholar
  66. Karpowicz, I. (2016). Financial inclusion, growth and inequality: A model application to Colombia. Journal of Banking and Financial Economics, 2(6), 68–89.  https://doi.org/10.7172/2353-6845.jbfe.2016.2.4.CrossRefGoogle Scholar
  67. Kim, D. W., Yu, J. S., & Hassan, M. K. (2018). Financial inclusion and economic growth in OIC countries. Research in International Business and Finance, 43, 1–14.  https://doi.org/10.1016/j.ribaf.2017.07.178.CrossRefGoogle Scholar
  68. Klapper, L., Lusardi, A., & van Oudheusden, P. (2015). Financial literacy around the world: Insights from the Standard & Poor’s Ratings services global financial literacy survey. Retrieved from http://www.openfininc.org/wp-content/uploads/2016/04/2015-Finlitpaper17F3SINGLES.pdf. Accessed December 02, 2018.
  69. Koomson, I., & Ibrahim, M. (2017). Financial inclusion and growth of non-farm enterprises in Ghana, network for socioeconomic research and advancement. Working paper no. 4, June. SSRN.  https://doi.org/10.2139/ssrn.2993624.
  70. Kpodar, K., & Andrianaivo, M. (2011). ICT, financial inclusion, and growth evidence from African countries. IMF working papers no. 11–73, International Monetary Fund.  https://doi.org/10.5089/9781455227068.001.
  71. Kumar, N. (2013). Financial inclusion and its determinants: Evidence from India. Journal of Financial Economic Policy, 5(1), 4–19.  https://doi.org/10.1108/17576381311317754.CrossRefGoogle Scholar
  72. Kumar, R., Singh, R. K., & Shankar, R. (2012). Supply chain management issues in an Indian SME: A SAP–LAP Analysis. Global Journal of Flexible Systems Management, 1(2), 34.Google Scholar
  73. Kulshreshtha, R., Kumar, A., Tripathi, A., & Likhi, D. K. (2017). Critical success factors in implementation of urban metro system on PPP: A case study of hyderabad metro. Global Journal of Flexible Systems Management, 18(4), 303–320.CrossRefGoogle Scholar
  74. Leeladhar, S. (2006). Taking banking services to the common man-financial inclusion. Reserve Bank of India Bulletin, 60(1), 73–77.Google Scholar
  75. Levine, R., Loayza, N., & Beck, T. (2000). Financial intermediation and growth: Causality and causes. Journal of Monetary Economics, 46(1), 31–77.  https://doi.org/10.1016/S0304-3932(00)00017-9.CrossRefGoogle Scholar
  76. Leyshon, A., & Thrift, N. (1996). Financial exclusion and shifting boundaries of the financial system. Environment and Planning A, 28, 1150–1156.  https://doi.org/10.1016/0169-7552(96)90005-7.CrossRefGoogle Scholar
  77. Lyons, A. C., Grable, J. E., & Zeng, T. (2017). Infrastructure, urbanization, and demand for bank and non-bank loans of households in the People’s Republic of China. ADBI Working Paper 767. Asian Development Bank Institute, Tokyo. Retrieved from https://www.adb.org/publications/infrastructure-urbanization-and-demand-bank-and-nonbank-loans-households-prc. Accessed November 04, 2018
  78. Mahajan, R., Garg, S., & Sharma, P. B. (2013). Frozen corn manufacturing and its supply chain: Case study using SAP–LAP approach. Global Journal of Flexible Systems Management, 14(3), 167–177.  https://doi.org/10.1007/s40171-013-0040-y.CrossRefGoogle Scholar
  79. Mangla, S. K., Kumar, P., & Barua, M. K. (2014). A flexible decision framework for building risk mitigation strategies in green supply chain using SAP–LAP and IRP approaches. Global Journal of Flexible Systems Management, 15(3), 203–218.  https://doi.org/10.1007/s40171-014-0067-8.CrossRefGoogle Scholar
  80. Martínez, C.H., Hidalgo, X.P. & Tuesta, D. (2013). Demand factors that influence financial inclusion in Mexico: analysis of the barriers based on the ENIF survey. BBVA research working paper no. 37, Mexico, December.Google Scholar
  81. Mas, I., & Morawczynski, O. (2010). Designing mobile money services: Lessons from M-PESA. SSRN.  https://doi.org/10.2139/ssrn.1552753.
  82. Mateut, S., Bougheas, S., & Mizen, P. (2006). Trade credit, bank lending and monetary policy transmission. European Economic Review, 50(3), 603–629.  https://doi.org/10.1016/j.euroecorev.2005.01.002.CrossRefGoogle Scholar
  83. Mohan, R. (2006). Economic growth, financial deepening, and financial inclusion. Reserve Bank of India Bulletin, 1305–1320.  https://doi.org/10.2319/022013-147.1.
  84. Mohanty, D. (2015). Report of the committee on medium-term path on financial inclusion, Reserve Bank of India (RBI), Mumbai. Retrieved from https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/FFIRA27F4530706A41A0BC394D01CB4892CC.PDF. Accessed April 02, 2018.
  85. Morgan, P., & Pontines, V. (2014). Financial stability and financial inclusion. ADBI working paper 488. Asian Development Bank Institute, Tokyo. Retrieved from http://www.adbi.org/working-paper/2014/07/07/6353.financial.stability.inclusion/,  https://doi.org/10.2139/ssrn.2464018. Accessed April 24, 2018.
  86. NABARD. (2010). Status of micro finance in India 200910, National Bank for Agriculture and Rural Development (NABARD), Mumbai. Retrieved from https://www.nabard.org/auth/writereaddata/tender/3107173739SMFI%202009-10%20Eng.pdf. Accessed December 20, 2018
  87. Palanisamy, R. (2012). Building information systems flexibility in SAP–LAP framework: A case study evidence from SME sector. Global Journal of Flexible Systems Management, 13(1), 57–74.  https://doi.org/10.1007/s40171-012-0005-6.CrossRefGoogle Scholar
  88. Paramasivan, C., & Ganeshkumar, V. (2013). Overview of financial inclusion in India. International Journal of Management and development studies, 2(3), 45–49.Google Scholar
  89. Park, C.-Y., & Mercado, R. (2015). Financial inclusion, poverty, and income inequality in developing Asia. ADB working paper series no 426, Asian Development Bank, Manila, January. SSRN.  https://doi.org/10.2139/ssrn.2558936.
  90. Park, C. Y. & Mercado, R. V. (2018). Financial inclusion: New measurement and cross-country impact assessment. ADB working paper series no 539, Asian Development Bank, Manila, March. http://doi.org/10.22617/WPS189270-2.
  91. PMJDY. (2014). Pradhan Mantri Jan-Dhan Yojana (PMJDY). Ministry of Finance, Government of India. Retrieved from www.pmjdy.gov.in/files/E-Documents/PMJDYBROCHURE_ENG.pdf. Accessed November 22, 2017.
  92. PMJDY. (2017). Pradhan Mantri Jan Dhan Yojana progress report. Retrieved from https://www.pmjdy.gov.in/account. Accessed March 3, 2018.
  93. PMMY. (2016). Pradhan Mantri Mudra Yojana annual report 2016–17. Retrieved from https://www.mudra.org.in/. Accessed April 03, 2018
  94. Rajan, R. G. (2015). A hundred small steps: Report of the committee on financial sector reforms. Planning Commission, Government of India. Retrieved from http://planningcommission.nic.in/reports/genrep/repfr/cfsrall.pdf. Accessed January 25, 2018
  95. Ramakrishnan, D. (2011). Financial literacy and financial inclusion. Conference paper at 13th thinkers and writers forum 29th SKOCH summit refuelling growth, Mumbai, June. SSRN.  https://doi.org/10.2139/ssrn.1958417.
  96. Rangarajan, C. (2008). Report of the committee on financial inclusion. Ministry of Finance, Government of India, January. Retrieved from https://www.sidbi.in/files/Rangarajan-Commitee-report-on-Financial-Inclusion.pdf. Accessed January 02, 2018
  97. Ravallion, M. (2013). How long will it take to lift one billion people out of poverty? Review. World Bank Research Observer, 139–158.  https://doi.org/10.1093/wbro/lkt003.
  98. RBI. (2006). Financial inclusion and millennium development goals. RBI Bulletin, 50(2), 239–243.Google Scholar
  99. RBI. (2011a). Financial inclusion and banks: Issues and perspectives. RBI Monthly Bulletin, November.Google Scholar
  100. RBI. (2011b). Know your customer normsLetter issued by Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number. Reserve Bank of India, Mumbai, September. Retrieved from https://rbidocs.rbi.org.in/rdocs/notification/PDFs/CKYC28092011.pdf. Accessed December 12, 2018
  101. RBI. (2013). Guidelines for licensing of new banks in the private sector. Retrieved from https://rbidocs.rbi.org.in/rdocs/Content/PDFs/GFLNB2222013.pdf. Accessed December 20, 2018.
  102. RBI. (2014). Report of the Committee on Comprehensive Financial Services for Small Businesses and Low Income. RBI. Retrieved from https://www.rbi.org.in/Scripts/Statistics.aspx. Accessed October 28, 2018.
  103. RBI. (2017). Report on trend and progress of banking in India 201617. Reserve Bank of India, Mumbai, June. Retrieved from https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/0RTP20161778B7539711F4E088A31D52351BF6440.PDF. Accessed October 08, 2018.
  104. Rillo, D. A. & Miyamoto, J. (2016). Innovating financial inclusion: Postal savings system revisited. Policy Brief No. 3, Asian Development Bank Institute, Tokyo, February. https://www.adb.org/sites/default/files/publication/190603/adbi-pb2016-3.pdf
  105. Rojas-Suarez, L. (2010). Access to financial services in emerging powers: Facts, obstacles, and policy implications. OECD Global Development Background Papers, Washington DC, March.Google Scholar
  106. Sahay, R., Cihak, M., N’Diaye, P., Barajas, A., Mitra, S., Kyobe, A., & Yousefi, R. (2015). Financial inclusion: Can it Meet multiple macroeconomic goals? IMF Staff Discussion Note, SDN/15/08, May.  https://doi.org/10.5089/9781513585154.006.
  107. Sahoo, T., Banwet, D. K., & Momaya, K. (2011). Strategic technology management in practice: SAP–LAP hills analysis of an automobile manufacturer in India. International Journal of Business Excellence, 4(5), 519–543.  https://doi.org/10.1504/IJBEX.2011.042156.CrossRefGoogle Scholar
  108. Sarma, M. (2008). Index of financial inclusion. Indian Council for Research on International Economic Relations working paper no. 215, Indian Council for Research on International Economic Relations.  https://doi.org/10.1007/978-81-322-1650-6_28.
  109. Sarma, M., & Pais, J. (2008). Financial inclusion and development: A cross country analysis. In Annual conference of the human development and capability association (pp. 10–13), New Delhi, September.  https://doi.org/10.1002/jid.
  110. Sassi, S., & Goaied, M. (2013). Financial development, ICT diffusion and economic growth: Lessons from MENA region. Telecommunications Policy, 37(4–5), 252–261.  https://doi.org/10.1016/j.telpol.2012.12.004.CrossRefGoogle Scholar
  111. Sehrawat, M., & Giri, A. K. (2016). Financial development, poverty and rural–urban income inequality: Evidence from South Asian countries. Quality & Quantity, 50(2), 577–590.  https://doi.org/10.1007/s11135-015-0164-6.CrossRefGoogle Scholar
  112. Setboonsarng, S., & Parpiev, Z. (2013). Microfinance and the millennium development goals in Pakistan: Impact assessment using propensity score matching. ADB institute discussion papers no. 104, Asian Development Bank Institute (ADBI), Tokyo.  https://doi.org/10.1038/ncomms6251.
  113. Shamim, F. (2007). The ICT environment, financial sector and economic growth: A cross-country analysis. Journal of Economic Studies, 34(4), 352–370.  https://doi.org/10.1108/01443580710817452.CrossRefGoogle Scholar
  114. Shankar, S. (2013). Financial inclusion in India: Do microfinance institutions address access barriers? ACRN Journal of Entrepreneurship Perspectives, 2(1), 60–74.Google Scholar
  115. Sinclair, S. (2001). Financial exclusion: An introductory survey. CRSIS, Edinburgh College of Art/Heriot Watt University.  https://doi.org/10.1021/jp900281h.
  116. Singh, A. (2017). Financial inclusion & implementation of Jan Dhan Yojna—Information technology as enabler. International Journal of Scientific Research and Management, 5(7), 5913–5918.CrossRefGoogle Scholar
  117. Singh, N., & Kumar, S. (2014). Success of tata nano through marketing flexibility: A SAP–LAP matrices and linkages approach. Global Journal of Flexible Systems Management, 15(2), 145–160.  https://doi.org/10.1007/s40171-014-0062-0.CrossRefGoogle Scholar
  118. Singh, C., Mittal, A., Garg, R., Goenka, A., Goud, R., Ram, K., et al. (2014). Financial inclusion in India: Select issues. IIM Bangalore working paper no. 474. Retrieved from https://iimb.ac.in/research/sites/default/files/WP%20No.%2 0474.pdf. Accessed January 10, 2018.
  119. Suri, P. K., & Sushil, N. A. (2012). Planning and implementation of e-governance projects: A SAP–LAP based gap analysis. Electronic Government, An International Journal, 9(2), 178–199.  https://doi.org/10.1504/EG.2012.046268.CrossRefGoogle Scholar
  120. Sushil, (2000). SAP–LAP models of inquiry. Management Decision, 38(5), 347–353.  https://doi.org/10.1108/00251740010340526.CrossRefGoogle Scholar
  121. Sushil, (2009). Interpretive ranking process. Global Journal of Flexible Systems Management, 10(4), 1–10.CrossRefGoogle Scholar
  122. Sushil, (2017a). Efficient interpretive ranking process incorporating implicit and transitive dominance relationships. Annals of Operations Research.  https://doi.org/10.1007/s10479-017-2608-y.CrossRefGoogle Scholar
  123. Sushil, (2017b). Theory building using SAP–LAP linkages: An application in the context of disaster management. Annals of Operations Research.  https://doi.org/10.1007/s10479-017-2425-3.CrossRefGoogle Scholar
  124. Sushil, (2018). Interpretive multi-criteria ranking of production systems with ordinal weights and transitive dominance relationships. Annals of Operations Research.  https://doi.org/10.1007/s10479-018-2946-4.CrossRefGoogle Scholar
  125. Swamy, V. (2014). Financial inclusion, gender dimension, and economic impact on poor households. World Development, 56, 1–15.  https://doi.org/10.1016/j.worlddev.2013.10.019.CrossRefGoogle Scholar
  126. Thorat, S. U. (2006). Financial inclusion and the millennium development goals. RBI BulletinGoogle Scholar
  127. Uma, H. R., & Rupa, K. N. (2013). The role of SHGS in financial inclusion: A case study. International Journal of Scientific and Research Publications, 3(6), 1–5.Google Scholar
  128. Venkataramany, S., & Bhasin, B. (2009). Path to financial inclusion: The success of self-help groups-bank linkage program In India. International Business & Economics Research Journal, 8(11), 11–19.  https://doi.org/10.1111/j.1442-9071.2005.01028.x.CrossRefGoogle Scholar
  129. Yunus, M. (2006). What is microcredit. Dhaka: Grameen Bank.Google Scholar

Copyright information

© Global Institute of Flexible Systems Management 2019

Authors and Affiliations

  1. 1.Delhi Technological UniversityNew DelhiIndia

Personalised recommendations