FINANCIAL LITERACY AND INCLUSION: A STUDY OF FEMALE DOMESTIC SERVENTS LIVING IN KAMOTHE AND NAUPADA VILLEGE

Commerce

Second National Level Interdisciplinary Seminar on "Exploring Emerging Trends and Innovation in Research in Commerce, Science & Technology, Humanities and Social Sciences”

In a developing country like India, where nearly one fourth of its population still living below poverty line and more than one fourth of it being illiterate, financial literacy is of utmost importance for achieving financial inclusion. Even today, a large number of rural and urban poor either have no access to the institutional finance or they do not know that they can access it. Therefore, financial literacy and inclusion is the need of the moment. The Union government, under the leadership of Shri.NarendraModi, has aptly identified this and introduced, PM Jan DhanYojana, on 28th August 2014, as a part of its National Mission for Financial Inclusion. Nearly nine months after he launched the first one, Shri. NarendraModi launched three more financial inclusion schemes on 9 May 2015, namely; PradhanMantriSurakshaBimaYojna, PradhanMantriJeevanJyotiBimaYojana and Atal Pension Yojna. Now, the important task is to see whether the financial literacy and inclusion has increased considerably or not. The present research paper is a sincere attempt to find out level of financial literacy and inclusion amongst those poor women who have employed through the unorganized sector. The researcher has conducted the sample survey of 50 female domestic servants, who live in Kamothe and Naupadavillege, to find out the level of financial literacy and inclusion. Data collected indicates increased degree of financial literacy and inclusion but still the government has to go a long way ahead.

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