Only 32% of Mizo knows savings accounts only

Aizawl, 17 Jan (Zoram News): A Reserve Bank of India (RBI) study conducted in the state of Mizoram revealed that about 32 percent of the respondents who participated in a survey were not aware of any financial products other than savings bank account.

Also, about 20 percent of the respondents reported lack of knowledge about basic payment options and about 43 percent of the respondents reported a lack of usage of available options despite awareness, the study showed.

The study evaluates the determinants of financial inclusion and financial literacy in the under-banked northeastern region of India based on primary data collected through a survey in the State of Mizoram.

A total of 523 respondents were selected from eight blocks covering four districts of Mizoram.

According to this, about half of the respondents were found to be unaware of financial institutions other than banks, viz., non-banking financial companies, microfinance institutions, and small finance banks.

Also, the study showed that the credit-deposit (C-D) ratio in the state of Mizoram is quite low as compared to the national average.

“There is a need to create awareness about the availability of credit-related products in the State and to make them more accessible and affordable so that common people may avail the same,” RBI said in a study document.

The CD ratio refers to the assets and liabilities of the banks.

A low CD ratio suggests relatively poor credit growth compared with deposit growth and a high CD ratio means higher demand for credit in an environment of low deposit growth.

The DRG Study titled, “Determinants of Financial Literacy and Financial Inclusion in North-Eastern Region of India: A Case Study of Mizoram”, is co-authored by Bhartendu Singh, Raj Rajesh, Ramesh Golait, and K. Samuel L.

𝑧𝑜𝑟𝑎𝑚𝑛𝑒𝑤𝑠.𝑐𝑜𝑚, 𝑍𝑜𝑟𝑎𝑚 𝑁𝑒𝑤𝑠, 𝑚𝑖𝑧𝑜𝑟𝑎𝑚 𝑛𝑒𝑤𝑠, 𝑚𝑖𝑧𝑜𝑟𝑎𝑚 𝑛𝑒𝑤𝑠𝑝𝑎𝑝𝑒𝑟, 𝑚𝑖𝑧𝑜𝑟𝑎𝑚 𝑛𝑒𝑤𝑠 𝑐ℎ𝑎𝑛𝑐ℎ𝑖𝑛𝑡ℎ𝑎𝑟, 𝑙𝑎𝑡𝑒𝑠𝑡 𝑚𝑖𝑧𝑜𝑟𝑎𝑚 𝑛𝑒𝑤𝑠, 𝑚𝑖𝑧𝑜𝑟𝑎𝑚 𝑏𝑟𝑒𝑎𝑘𝑖𝑛𝑔 𝑛𝑒𝑤𝑠 𝑡𝑜𝑑𝑎𝑦, 𝑚𝑖𝑧𝑜𝑟𝑎𝑚 𝑛𝑒𝑤𝑠 𝑐ℎ𝑎𝑛𝑛𝑒𝑙,𝑚𝑖𝑧𝑜𝑟𝑎𝑚 𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑛𝑒𝑤𝑠, 𝑚𝑖𝑧𝑜𝑟𝑎𝑚 𝑛𝑒𝑤𝑠 𝑡𝑜𝑑𝑎𝑦, 𝑚𝑖𝑧𝑜𝑟𝑎𝑚 𝑒𝑚𝑝𝑙𝑜𝑦𝑚𝑒𝑛𝑡 𝑛𝑒𝑤𝑠, 𝑚𝑖𝑧𝑜𝑟𝑎𝑚 𝑒𝑑𝑢𝑐𝑎𝑡𝑖𝑜𝑛 𝑛𝑒𝑤𝑠, 𝑚𝑖𝑧𝑜𝑟𝑎𝑚 𝑛𝑒𝑤𝑠𝑝𝑎𝑝𝑒𝑟 𝑖𝑛 𝑒𝑛𝑔𝑙𝑖𝑠ℎ, 𝑚𝑖𝑧𝑜𝑟𝑎𝑚 𝑛𝑒𝑤𝑠 𝑖𝑛 𝑒𝑛𝑔𝑙𝑖𝑠ℎ, 𝑚𝑖𝑧𝑜𝑟𝑎𝑚 𝑛𝑒𝑤𝑠 𝑡𝑜𝑑𝑎𝑦 𝑖𝑛 𝑒𝑛𝑔𝑙𝑖𝑠ℎ, 𝑚𝑖𝑧𝑜𝑟𝑎𝑚 𝑛𝑒𝑤𝑠 𝑗𝑜𝑢𝑟𝑛𝑎𝑙, 𝑚𝑖𝑧𝑜 𝑒𝑛𝑡𝑒𝑟𝑡𝑎𝑖𝑛𝑚𝑒𝑛𝑡 𝑛𝑒𝑤𝑠 𝑎𝑛𝑑 𝑔𝑜𝑠𝑠𝑖𝑝, 𝑚𝑖𝑧𝑜 𝑒𝑛𝑡𝑒𝑟𝑡𝑎𝑖𝑛𝑚𝑒𝑛𝑡 𝑛𝑒𝑤𝑠 𝑎𝑛𝑑 𝑣𝑖𝑑𝑒𝑜𝑠, 𝘔𝘪𝘻𝘰𝘳𝘢𝘮 𝘯𝘦𝘸𝘴, 𝘔𝘦𝘨𝘩𝘢𝘭𝘢𝘺𝘢 𝘯𝘦𝘸𝘴, 𝘈𝘴𝘴𝘢𝘮 𝘯𝘦𝘸𝘴, 𝘕𝘢𝘨𝘢𝘭𝘢𝘯𝘥 𝘯𝘦𝘸𝘴, 𝘚𝘪𝘬𝘬𝘪𝘮 𝘯𝘦𝘸𝘴 𝘢𝘯𝘥 𝘛𝘳𝘪𝘱𝘶𝘳𝘢 𝘯𝘦𝘸𝘴.


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