The financial inclusion drive has resulted in proliferation of bank accounts in
rural areas with
88.1
per
cent of
households having savings accounts, said a survey by Nabard.

Incidence of Indebtedness (IOI), which is a proportion of
households having outstanding debt on the date of the survey, was 52.5
per
cent and 42.8
per
cent for agricultural and non-agricultural
households, respectively.

All India IOI taking
rural
households together stood at 47.4
per
cent, as
per the Nabard All India Financial Inclusion Survey (NAFIS) released today.

“While
88.1
per
cent
rural
households and 55
per
cent agricultural
households reported having a bank account, average savings
per annum
per
household was Rs 17,488,” it said.

About 26
per
cent of agricultural
households and 25
per
cent of non-agricultural
households were found to have been covered under insurance, it said.

Similarly, 20.1
per
cent agricultural
households as against 18.9
per
cent non-agricultural
householdshave subscribed to pension schemes.

The survey is a pioneering attempt to bring together financial inclusion and
rural livelihood aspects, National Bank for Agriculture And
Rural Development (Nabard) Chairman H K Bhanwala said.

“Nabard proposes to carry out the survey every 3 years. The findings reveals that there is an increase in agriculture
household income significantly, with higher increase observed among marginal and small farmers,” he said.

Bhanwala also highlighted that the survey was designed through a process of consultation with RBI and other key stakeholders.

The survey, with reference year of 2016-17, covered 40,327
rural
households. It highlighted that the average annual income of an agricultural
household is Rs 1,07,172 compared to Rs 87,228 for families engaged only in non-agricultural activities.

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The survey was conducted on a pan-India basis, drawing samples from as many as 2016 villages in 245 districts and 29 states. A population of 1,87,518 was covered in the process.





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