Title: Attitude of beneficiaries towards financial literacy initiatives taken up by private sector banks for sustainable development with special reference to Rajasthan

Authors: Harsh Purohit; Pawandeep Kaur Bindra

Addresses: FMS-WISDOM, Banasthali Vidyapith, 304022, Newai, India ' FMS-WISDOM, Banasthali Vidyapith, 304022, Newai, India

Abstract: This study attempts to assess the impact of private sector bank's (ICICI Bank, Axis Bank and HDFC Bank) initiatives for teaching their beneficiaries about retirement and insurance planning, estate planning, alternative channels of banking, promotional mediums and their ability to save. As these five were components of financial literacy, the data collection instrument consisted of structured questionnaire. Five factors were identified through exploratory factor analysis. This study surveys 531 beneficiaries from four different districts of Rajasthan. The study found there is significant positive impact of initiatives taken by private sector banks for increasing savings, retirement and insurance planning of individuals and their ability to save and their ability to make retirement and insurance planning. Medium correlations were found between promotional measures taken by banks and understanding of beneficiaries about financial services and products. As far as the estate planning is concerned beneficiaries were not satisfied with initiatives taken up by the banks. It was observed from the study that there is significant positive impact of initiatives taken up by banks for teaching about alternative of channels of banking and understanding about these channels by beneficiaries.

Keywords: retirement and insurance planning; promotional mediums; financial literacy; sustainable development; private sector banks; savings; Rajasthan.

DOI: 10.1504/IJEPEE.2021.118980

International Journal of Economic Policy in Emerging Economies, 2021 Vol.14 No.5/6, pp.519 - 535

Received: 29 Oct 2019
Accepted: 30 Aug 2020

Published online: 09 Nov 2021 *

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