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Title: To develop an index measuring financial awareness amongst the rural women beneficiaries of a microfinance institution

Authors: Vinita Rai; Monica Shrivastava

Addresses: Chhattisgarh Swami Vivekananda Technical University, MIG-1302, Pragati Nagar, Kurud,Ward No. 14, Jamul, Bhilai, Durg, Chhattisgarh-490024, India ' Faculty of Management Studies, Shri Shankaracharya Group of Institutions, A1/38, Surya Vihar, Junwani, Bhilai, Chhattisgarh-490020, India

Abstract: The microfinance programs have come a long way, but the rural beneficiaries are not able to take full advantage of the same, due to lack of awareness. This paper aims at understanding the level of awareness of microfinance program among the rural women beneficiaries. This has been evaluated by developing an awareness index. To meet the purpose of the study, the data was collected from 400 rural women beneficiaries and analysed using factor analysis through PCA for developing the awareness index. The awareness index developed suggests that the rural women beneficiaries were moderately aware about the microfinance schemes. The findings of the research will help the MFIs in developing a clear understanding of micro financial aspects considering the results of this study by the MFIs. The awareness programs organised would place the rural beneficiary in a better position to take more informed decisions and uplifting them socially and economically.

Keywords: microfinance; index development; awareness; rural women beneficiaries.

DOI: 10.1504/IJSEM.2022.121890

International Journal of Services, Economics and Management, 2022 Vol.13 No.1, pp.39 - 56

Received: 15 Jun 2020
Accepted: 14 Feb 2021

Published online: 07 Apr 2022 *

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