Level of Awareness Among Rural Women Regarding Financial Welfare Schemes: A Study of Tonk District

Abstract

The research attempts to understand the level of awareness about various government welfare schemes among rural women of Tonk district of Rajasthan. In the first stage, the level of financial literacy/awareness among women was judged using simple inquiry method wherein the respondents were asked basic questions related to various investment options, need for investments, savings, inflation etc. so that the women are at ease to answer, the questions were asked when the male members were at work and that too in their regional language. The results from the first stage provided evidence that rural women lacked basic knowledge of financial products. Further, they were completely dependent on male members.

The results highlight low level of awareness about (a) The Consequences of Inflation (b) Benefits And Avenues For Savings (c) Various Government Schemes Among Rural Women. Further, it was also observed that most women respondents did not had bank account or were not actively using their bank accounts. The bank accounts opened in their names were used by male members like husband, brother etc. Further, many times women were cheated when their hard earned money was not deposited in their account as they relied on someone else in operating their bank account.

After assessing the level of financial literacy, various initiatives were taken to improve the level of awareness among the rural women. The rural women were made aware of Government schemes like JANDHAN YOJNA, ATAL PENSION YOJNA, SUKANYA SMRIDHI YOJNA, BHAMASHAH YOJNA (RAJASTHAN GOVT. SCHEME).

Along with that canopy was setup outside various bank branches to facilitate them in opening a bank account, how to fill the form (KYC), how to operate ATM and give information about the Documents, Pin Number , Passbook, Bank Slips, Signature & Thumb Rule.

The results have important implications for the government agencies and banks which have been assigned the work of promoting awareness about the recently launched financial and welfare schemes such as 'Pradhan Mantri Jan Dhan Yojana' (opening of bank accounts to provide basic financial services to poor) and 'Sukanya Samriddhi Yojana' (empowering girl child by requiring parents to make periodic deposits carrying higher interest rate) so that rural women can take advantage of these schemes.

Keywords: Financial Literacy, Jan Dhan Yojana, Rajasthan, Rural Women, Girl Child, BMFL, Bhartiya Model of Financial Literacy

JEL Classification: J14