Financial Inclusion Initiatives: A Study of Consumers’ Level of Satisfaction towards Financial Services of the Commercial Banks in Uttar Pradesh

The current status of financial inclusion, based on the principle of equity and inclusive growth, has been fetching the attention of policy makers of India. Achieving financial inclusion goal is, in fact, India‟s objective and it has several dimensions. In India, financial inclusion is considered as the means for a comprehensive growth, through which, everyone is able to use his/her income as a financial resource that can be put to work to enhance their future financial status and simultaneously contributing to the country‟s progress. Commercial banks play a vital role in the economic development of a country like India. Indian economy in general and banking services in particular have made rapid strides in the recent past. However, a sizeable section of the population, particularly the vulnerable groups, such as weaker sections and low-income groups, continue to remain excluded from even the most basic opportunities and services provided by the commercial banks in Uttar Pradesh, India. To address the issue of such financial exclusion, the present research was conducted to measure the satisfaction level of the consumers of the commercial banks. The main aim of the research is to measure the satisfaction level, to identify the most important factors of financial services, and to find out the difference between the perceptions of the consumers of the commercial banks for their financial services. A survey was conducted on 500 consumers of commercial banks. For the analysis of the data, IBM SPSS Statistics 21 version software was used to perform Frequency Analysis, Chi Square Analysis, factor analysis and T test Analysis.