Banking Financial Services: Awareness and Satisfaction Level in Kashmir Valley-A Study in Anantnag District

Financial literacy mainly the banking financial literacy is the buzzword now a days, as the people have now more dealings with the banks in their day to day life i.e. from basic banking services to the social security transfers and electronic benefit transfers. Financial literacy is more important in India because of the fact that, there is a large section of the population that still refrains from a basic savings bank account that is mainly because of the lack of knowledge about the banking services/products. Financial literacy focuses on creating the awareness about the fact that their idle money will fetch returns to them with safety and security. Therefore, the current study is an attempt to examine banking financial services awareness and to check whether there exists any difference in awareness and satisfaction level with respect to the demographic profile of the people. This study is empirical in nature and carried out in Anantnag, one of the southern districts of Kashmir valley and the study is. The study found that only a few financial service products are invariably known to people and less or not at all aware about the technological services provided by banks and financial institutions. There is a significant difference in the awareness and satisfaction level of banking financial services of people with respect to their demographic variables. But nature of account in case of awareness level and time of account with the bank in case of satisfaction level does not make any significant difference in this study.