Access to financial services in Sikkim

Abstract

Over the past three decades years, Financial Inclusion has received a considerable attention by the global institutions, as it has a causal bearing on the liberalised economic system. The improvised production mechanism needs markets for consumption of produce. Limited population in the western world limits the markets, and thus for the profitability of ventures markets of the developing world needs to be tapped. With the majority of the population in developing and underdeveloped economies being away from the formal financial system a thrust to financially include the population is imperative. In order to devise effective policies, and execute measures to uplift the existing level of services penetration in developing nations, it is essential to know the existing level of penetration of financial services and its perception by the people. The indicators based on the secondary data and approximation are often subject to criticism as they are more or less historical in nature. The present study is conducted with a view to revealing the financial services accessibility status of the State of Sikkim of the Union of India. The study confines itself to the primary data collected by way of a questionnaire. It is found from the study that is as per the based on results, providentially, the need for improving access to financial services in Sikkim.