Financial Status of Street Vendors and Daily-Wage Earners Engendering Their Financial Inclusion

  • Dr. Praveen Paul Jeyapaul, Mr. Silambarasan Manimaran

Abstract

Financial exclusion manifests in social exclusion. Financial inclusion (FI) promotes sustainable development for a large section of the society, primarily the underprivileged. Thisresearch studies about the financial status of 899street vendors (SV) and daily wage earners (WE) in Virudhunagar district of Tamilnadu, India.It was found that 91% of the respondents have a bank account, thanks to the initiatives by the Indian government through ‘Pradhan Mantri Jan Dhan Yojana (PMJDY)’, but most of them seldom use banks. Most of the SVs and WEs understand the benefits of banking services but refrain from using them since they feel that banking procedures and formalities are esoteric and elitist. This research gains significance in getting insights to enable the underprivileged to use banking services more efficiently, and thus lead an enriched life.It is suggested that the government need to increase the knowledge about the services of the bank through popular media and influencers to whom SVs and WEs will listen to. The banks too should take initiative to simplify their procedures so that they are accessible.

Published
2021-11-24
How to Cite
Dr. Praveen Paul Jeyapaul, Mr. Silambarasan Manimaran. (2021). Financial Status of Street Vendors and Daily-Wage Earners Engendering Their Financial Inclusion. Design Engineering, 16041-16061. Retrieved from http://thedesignengineering.com/index.php/DE/article/view/6754
Section
Articles