Determinants of demand for credit by poor: evidence from urban slums of Mumbai Online publication date: Fri, 18-Jun-2021
by Shruti Malik; Girish Chandra Maheshwari; Archana Singh
International Journal of Financial Services Management (IJFSM), Vol. 11, No. 1, 2021
Abstract: The purpose of this study is to empirically investigate the factors affecting the borrowing of poor people residing in urban slums of Mumbai in India. The people living in slums depict the urban poverty the most. It is pertinent that in current scenario of the drive for financial inclusion we study the socio-economic determinants of borrowing particularly in urban slums. The study entails a primary survey conducted with the help of a structured questionnaire from 448 urban households located in six major slum clusters of Mumbai. The Heckman two-stage model is used to analyse the data in two parts, i.e., determinants of demand for credit and the amount of credit. The finding of this paper presents a number of significant socio-economic factors influencing the borrowing behaviour. This study has various practical implications for policy makers and banks in effective formulation of policies for credit delivery.
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