Open AccessFactors Identification of Banking Penetration and Financial Empowerment: Application of Confirmatory Factor Analysis
Author(s) -
R. Mohammed Abubakkar Siddique,
M. Selvakumar
Publication year - 2019
Publication title -
asian journal of managerial science/asian journal of managerial science
Language(s) - English
Resource type - Journals
eISSN - 2583-9810
pISSN - 2249-6300
DOI - 10.51983/ajms-2019.8.2.1520
Subject(s) - empowerment , business , financial literacy , financial inclusion , confirmatory factor analysis , financial services , retail banking , market penetration , identification (biology) , order (exchange) , bank account , penetration (warfare) , finance , financial system , marketing , economics , economic growth , payment , management , botany , service (business) , biology
Banking plays a very important role in the development of the economy. In order to develop the rural areas various schemes were introduced by the government of India and Reserve bank of India. The people must make use of those schemes. Banking penetration must be followed by the customer behavior towards the banking products and services. This customer behavior leads to the financial empowerment of the people which enhances the financial planning, financial awareness and financial literacy. This paper studies about the identification of the factors assigned for the variables of banking penetration, customer behavior and financial empowerment of the rural people.