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\"This book focuses on the issue of financial exclusion with particular reference to the urban informal sector in India. Continuing the work of its predecessor, the current Government of India is also placing considerable importance on driving policy initiatives for financial inclusion. However, financial exclusion in urban areas, especially of the lower strata of the society has not received the attention it deserves from researchers and policymakers, even though urban poverty and deprivations are of considerable importance in the present Indian context. The challenges of financial inclusion and accessibility in the urban areas differ substantially from those found in the rural regions given the fact that the possibility of physical access to financial services is much higher in urban areas. In order to provide a macro perspective, the book begins with an analysis of the unit record data on nature and extent of financial inclusion and access to credit in urban India, based on Debt and Investment survey data (59th and 70th rounds) provided by the National Sample Survey Office (NSSO). In subsequent steps, the book discusses findings from a primary survey carried out in the state of Karnataka of self-employed persons engaged in informal services sector. This exercise has helped to comprehend the ways in which they currently meet their financial needs for different income generating purposes, the terms and conditions under which they do so, and the challenges that remained for possible interventions. Experiences of other developing nations in their attempts to ensure financial inclusion and the lesson learnt thereby are the other highlights of the book.\"--Publisher's website.

PurposeThe purpose of this paper is to check the impact of financial inclusion on economic development of marginalized communities through the mediation of socio-economic empowerment.Design/methodology/approachIn order to fulfil the objectives of the study, primary data were collected from 382 bank customers belonging to marginalized communities breathing in Jammu district of J and K by using purposive sampling technique. The data were collected during the month of April–August 2020. Multivariate statistical techniques such as EFA, CFA and SEM were used for data analysis and scale purification.FindingsThe study’s results reveal that financial inclusion has a direct and significant impact on economic development of marginalized communities through the mediation of social and economic empowerment. The study highlights that despite various initiatives taken by the government towards financial inclusion, there is a denial from the financial institutions to extend the credit to the marginalized communities due to lack of education, illiteracy, lack of awareness, attitude of bankers and policy directions to the banking sector, which confine these communities to feel proud, dignified, confident and self-reliant to face any financial crisis.Research limitations/implicationsFirst the in-depth analysis of the study is restricted to Jammu district only that restricts the generalization of the results to the whole population of J and K. Second, the data were collected from respondents belonging to marginalized communities only. Third, comparative study of marginalized households who are covered under the financial inclusion drive and those who are still financially excluded has not been done yet. Fourth, the questionnaire approach was the only way to gather primary data and thus, the results might have a common-method bias.Originality/valueThe study makes contribution in the direction of financial inclusion narrative relating to socio-economic empowerment and economic development of marginalized communities. It looks into how for the socio-economic aspects of marginalized communities influence their exclusion from the financial system of the country. The study also provides valuable insights for the policymakers, researchers and academicians both at the countrywide and intercontinental level to devise and put into practice programmes that will widen right to use financial products and services leading to cutback of poverty incidence, income parity, social and economic empowerment, economic development and reduction in caste and gender based discrimination.

PurposeThe study attempts to explore the determinants of financial inclusion. Subsequently, it examines the effect of financial inclusion on financial well-being of marginalized street vendors in India.Design/methodology/approachThe demand-side analysis of measuring financial inclusion with a sample of 371 marginalized street vendors is adopted. Both exploratory and descriptive research designs are employed in this study. The primary data collection is done by administering the structured interview schedule by using a convenience sampling technique. Confirmatory factor analysis (CFA) and structural equation modeling (SEM) are performed to describe the latent constructs and their hypothetical relationships with adequate empirical evidence.FindingsOut of five dimensions of financial inclusion considered for the study, accessibility, availability, usage and affordability are found to be significant determinants of financial inclusion; however, the financial literacy dimension is found statistically insignificant. Further, the study results confirm that financial inclusion contributes substantially to the well-being of marginalized street vendors.Research limitations/implicationsThe outcome of the study will facilitate all the stakeholders including policymakers and financial institutions to enact policy guidelines to ensure financial well-being of the marginalized street vendors through financial inclusion initiatives.Originality/valueFinancial well-being through financial inclusion is possible even without the effect of financial literacy from the unorganized sector perspective specifically marglianized street vendors. Thus, it adds new dimension to the existing literature on demand side analysis of measuring financial inclusion.

Microfinance is globally trusted for corroborating the upliftment of the rural vulnerable poor sections. It is looked upon as a means of credit-based poverty alleviation through financial inclusion. India also witnesses the same. In India, the self-help group bank linkage programme (SHG–BLP) is architected by NABARD in 1992 as a pilot project. The programme was mainstreamed in 1996 to link unorganised with the formal financial sector. In Assam, microfinance services are made available through SHG–BLP registered under Deendayal Antyodaya Yojana–National Rural Livelihoods Mission. Central Assam is the epicentre of operative SHG–BLP. This backdrop motivates us to explore the contribution of SHG–BLP in financial and social inclusion of the marginalised rural people of central Assam. Two self-developed indices, viz., financial inclusion index and social exclusion index are constructed by applying Multiple Correspondence Analysis. The impact analysis is facilitated by the Propensity Score Matching method. The study concludes that the SHG–BLP is successful in ensuring financial inclusion and simultaneously also assists in reducing social exclusion among the stakeholders.

In the digital age, financial inclusion continues to be connected to social inclusion. While most personal financial transactions are shifting from cash currency to digital transactions, we must ensure that marginalized members of society are not unbanked and excluded from financial opportunities. Many countries are declaring their intention to transform to cashless societies. India is one such country. As a case study, we investigated rural Indian villages that declared themselves as cashless to assess the financial reality of villagers. We conducted a survey of households (N=3,159) within villages across seven Indian states. In each state, we studied a village that was officially declared cashless and a nearby comparison village. Our findings suggest that the comparison villages did as well as the cashless villages, as financial inclusion via digital banking was minimal to nonexistent. Alongside significant state variations, we found that financial literacy and online access were the best predictors of performing any digital banking activity. This study concludes with a warning against rushing toward digital banking and the formation of cashless societies, as marginalized populations may be excluded.

PurposeThis study examines the effects of financial literacy and financial risk tolerance on investor behavior by introducing social stigma as a mediator and emotional intelligence as a moderating factor.Design/methodology/approachData is collected from 761 financially independent individual investors, with a minimum age of 25 years, a minimum of five years of stock market experience and residing in five selected major Indian cities. The collected data is subsequently analyzed using SmartPLS. Homogeneous purposive sampling followed by snowball sampling was employed.FindingsThe findings of the study demonstrate a strong and noteworthy impact of financial literacy on investor behavior. The research reveals that social stigma acts as a partial mediator and emotional intelligence plays a significant moderator with direct effects and indirect effects between financial literacy, financial risk tolerance, social stigma and investor behavior.Research limitations/implicationsExploring emotional intelligence in financial decisions enriches academic programs by integrating it into financial education. Collaboration between academia and financial institutions yields practical tools, infusing emotional intelligence into services. This prompts systemic shifts, reshaping education and societal discourse, fostering inclusive, emotionally intelligent financial landscapes, aiming to redefine both academic teachings and real-world financial practices.Practical implicationsIntegrating emotional intelligence into government-led financial literacy programs can transform societal perspectives on financial decision-making. Customized services, destigmatizing workshops and collaborative efforts with academia foster an emotionally intelligent financial landscape, reshaping traditional paradigms.Social implicationsPromoting open societal discussions about finances combats stigma, fostering a supportive space for risk-taking. Emphasizing emotional intelligence in awareness campaigns cultivates inclusivity and confidence. Normalizing financial talks empowers individuals, enhancing their well-being. Elevating both financial literacy and emotional intelligence enhances overall financial health, nurturing a community adept at navigating financial journeys.Originality/valueThis study marks a notable contribution to behavioral finance and social stigma theory by examining their intersection with emotional intelligence. It uniquely introduces social stigma as a mediator and emotional intelligence as a moderator, unexplored in this context. This novelty underscores the research’s significance, offering practical insights into financial well-being.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-08-2023-0626

PurposeBank branching plays a significant role in a wide range of economic activities. Existing studies on determinants of bank branching activities largely focus on developed countries; studies devoted to developing countries are scant. The purpose of this paper is to examine the determinants of bank branching activities in one of the largest developing country India.Design/methodology/approachThe authors employ a unique longitudinal data to study the determinants of bank branch location in India. These data are collected at the state level covering 25 Indian states for the period 2006–2017. The authors employ Poisson regression that are better suited for modeling counted dependent variable.FindingsFirst, region and bank specific factors such as size of population and bank deposits influence location of bank branches. Second, the relationship between these factors and branch locations is heterogeneous across different types of banks and across states with different business environments.Practical implicationsFirst, from the view of banks, considering the factors of branch location are crucial in order to set out branching strategy. Irrespective of policy measures aimed at promoting financial inclusion in India, the authors show that banks consider economic activities in the region in locating their branches. Second, from the view of policy makers and regulators, such branching strategy could potentially contribute to financial exclusion. As a result, population in the less developed regions may be excluded from accessing financial services. Hence, policy makers and regulators should take into this account when formulating policies aimed at promoting financial inclusion.Originality/valueFirst, while existing studies largely focus on developed countries, studies devoted to developing countries are scant. To the best of our knowledge, the authors have not come across any study that investigates the determinants of bank branch location in India, so the authors reasonably believe that this study is a first-of-its-kind. Second, the study provides a new perspective concerning how regional and bank specific factors influence banks of different ownership in locating branches. Third, while traditional regression used to be a method of choice among early studies, the authors employ Poisson regression that is better suited for modeling counted dependent variable.

Rapidly expanding hydropower development in areas prone to geological and hydro-climatic hazards poses multiple environmental and technological risks. Yet, so far these have received scant attention in hydropower planning processes, and even in the campaigns of most citizen initiatives contesting these dams. Based on qualitative empirical research in Northeast India, this paper explores the reasons why dam safety and hazard potential are often marginal topics in hydropower governance and its contestation. Using a political ecology framework analyzing the production of unequal risks, I argue that a blind-eye to environmental risks facilitates the appropriation of economic benefits by powerful interest groups, while increasing the hazardousness of hydropower infrastructure, accelerating processes of social marginalization. More specifically, this paper brings into analytical focus the role of strategic ignorance and manufactured uncertainty in the production of risk, and explores the challenges and opportunities such knowledge politics create for public resistance against hazardous technologies. I posit that influencing the production of knowledge about risk can create a fertile terrain for contesting hazardous hydropower projects, and for promoting alternative popular conceptions of risk. These findings contribute to an emerging body of research about the implications of hydropower expansionism in the Himalayan hazardscape.

The report is organized around three chapters, in addition to this overview, each one dealing with an excluded group: Scheduled Tribe (ST), Scheduled Caste (SC), and women. The objective is to provide a diagnostic of how the three excluded groups under analysis have fared along various development indicators during a period of rapid economic growth in the national economy. In seeking this objective, the report also addresses correlates and the processes that explain how and why these groups have fared the way they have over a period of time. Chapter two in this report focuses on the Adivasis or STs. In most analyses, this topic is addressed after the Dalits, but the author has placed it first for analytical and organizational purposes. There are two reasons for this: tribal groups are not strictly within the caste system, and the bonds of rituals do not affect their relations with the world in general. Also the report shows that outcomes among Adivasis are among the worst, despite considerable variation across places of residence and tribal groupings. Finally, Chapter three focuses on Dalits, a term that has united the SCs in a process that is more empowering than the process of identification by individual names, which have been and continue to be associated with ritually impure occupations.

Purpose This study aims to understand the unique financial behavior of transgender individuals compared to cisgender individuals. Furthermore, this study aims to demonstrate that understanding the financial behavior of transgender people will help financial institutions, regulators and policymakers to include them in the formal financial sector. Design/methodology/approach The qualitative approach to research aims at understanding a given phenomenon among the participants. Semi-structured interviews are conducted with 28 transgender and cisgender individuals each. Thematic analysis is used to understand the participants’ financial behavior and propose future research directions and implications to regulators and practitioners. Findings The transgender participants (TP) earn no stable income compared to cisgender participants. Due to a lack of regular income, TP faces hardships covering their spending. No fixed spending or financial planning pattern is found among the TP, and they are found to be highly uncertain of their income and spending. The TP is found wholly excluded from the financial system, and not even a single participant with an active bank account or insurance is found. TP has not visited a bank in their lifetime, and financial literacy is found completely missing among them. No TP has ever taken a bank loan or credit from a financial institution. A zeal among TP to be financially included is found, and such participation will undoubtedly help them live a financially independent life. Cisgender people (CP) are found to be earning a stable income, have full-time jobs, save money, transact through a formal financial system and are financially more independent than TPs. Gender is shown to play a role in the financial behavior of the participants. Research limitations/implications This study gathers information from transgender and CP and does not focus on the financial services providers; the decision not to interview the providers of financial services is a potential limitation of the present study. Another limitation is the small number of respondents who participated in the semi-structured interviews. Due to these limitations, the generalizability of the findings of this study regarding financial behavior will be restricted and require further evidence from future research. Practical implications The present study has several practical implications. First, the requirement of understanding the financial behavior of transgender people from their perspective is missing in the literature, and studies focusing on their behavior are required to help them be financially independent. The present study has implications for regulators, policymakers and practitioners to help transgender people improve their financial conditions. Originality/value The existing literature does not include studies focusing on understanding the financial behavior of transgender people or drawing a comparison of the financial behavior of transgender or CP. The present study explores the financial behavior of transgender people and highlights the unique financial behavior of transgender individuals.