Purpose

The purpose of this study is to explore the demand side factors affecting financial inclusion in general and credit uptake in particular.

Design/methodology/approach

The present study is descriptive and exploratory in nature and is purely based on primary data. The data collection instrument has been scientifically after thorough review of literature and seeking expert opinion. Primary data have been collected from the respondents of lower socioeconomic class in selected rural areas in the State of Maharashtra, India. Exploratory technique like factor analysis and structural equation modelling have been used to identify the inter-relations between financial inclusion and underlying barriers.

Findings

The study concludes that there are major latent issues that determine the uptake and usage of financial services, major being “operational and implementation challenges”, “financial literacy” and “affordability”. The “usage” aspect further impacts financial inclusion along with “access” variable. These are some of the most important factor for creating demand-driven approach towards financial products and services specially credit. The author concludes that the identified latent barriers with respect to the “usage” dimension of financial inclusion require greater policy attention so that it can complement the supply-side measures.

Practical implications

The study establishes that merely having “access” through bank account ownership will not fulfil the objective of financial inclusion, and it is the “usage”, which is also important to realize the full potential of financial inclusion at the bottom of the pyramid. So, policy actions should be directed toward enhancing the “usage” aspect of financial services. The “usage” dimension could be enhanced through targeted interventions to mitigate the effect of identified latent barriers.

Originality/value

Though researchers have made a mention of demand-side barriers to financial inclusion, detailed study on the topic is missing. The study is one of its kinds in exploring the severity of various demand-side barriers that determine financial inclusion. In the context of emerging economies like India, financial inclusion is often measured in terms of banking outreach and “access”. There are limited studies capturing the “usage” dimension of financial inclusion.

中文翻译：

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探索信贷吸收和金融包容性的需求方障碍

目的

本研究的目的是探讨影响普惠金融特别是信贷吸收的需求方因素。

设计/方法/方法

本研究本质上是描述性和探索性的，纯粹基于原始数据。数据采集​​仪器经过全面查阅文献，征求专家意见，科学合理。主要数据是从印度马哈拉施特拉邦选定农村地区社会经济阶层较低的受访者那里收集的。因子分析和结构方程建模等探索性技术已被用于识别金融包容性与潜在障碍之间的相互关系。

发现

该研究得出的结论是，存在决定金融服务接受和使用的主要潜在问题，主要是“运营和实施挑战”、“金融素养”和“负担能力”。“使用”方面进一步影响金融包容性以及“访问”变量。这些是创建需求驱动的金融产品和服务特别是信贷方法的一些最重要的因素。作者得出的结论是，与金融包容性的“使用”维度相关的潜在障碍需要更多的政策关注，以便它可以补充供给侧措施。

实际影响

该研究表明，仅仅通过银行账户所有权“访问”并不能实现普惠金融的目标，而是“使用”，这对于在金字塔底层实现普惠金融的全部潜力也很重要。因此，政策行动应针对加强金融服务的“使用”方面。可以通过有针对性的干预措施来增强“使用”维度，以减轻已确定的潜在障碍的影响。

原创性/价值

尽管研究人员提到了金融包容性的需求方障碍，但缺少对该主题的详细研究。该研究是探索决定金融包容性的各种需求方障碍的严重程度的研究之一。在印度等新兴经济体的背景下，金融普惠性通常是通过银行业务拓展和“准入”来衡量的。捕捉普惠金融“使用”维度的研究有限。