Financial inclusion of fisher folk in Ramanathapuram district

Abstract

The purpose of this study is to measure the extent of financial inclusion of fisher folk in terms of access and usage. This paper has used primary data. For collecting primary data, a well-structured Interview Schedule has been prepared and administered among the respondents. The sample group consists of 120 sample respondents. The paper uses Paired Sample t Test. 77 per cent of the sample respondents are aware of the different products and services rendered by the banks while 46 per cent of them use the known banking products and services. Comparatively the awareness is more for the traditional products while the same is less for the modern products. The result of the Paired Sample Test reveals that P value is less than 0.05 in awareness and service of usage in financial inclusion of fisher folk. The present paper attempts to find the awareness and usage of financial services of banks by the fisher folks, who avail financial support mostly from the informal sources of finance. By measuring the gap between the awareness and usage of financial services by the fisher folk, the paper may throw useful clues to the policy makers for undertaking segmented initiatives for furthering financial inclusion.