"Banking services towards urban poor in Navi-Mumbai city and its challenges on financial literacy in the global scenario"

Banking is an important agency for fostering the Economic Development of a developing country like India. The main objective of Indian economic policy is “economic growth with social justice”. This involves balanced growth, prevention of concentration of economic power, direction of the flow of resources towards underdeveloped regions and economically weaker-sections of society and promotion of employment opportunities and improvement in the quality of life. It is common knowledge of that a very large percentage of the population reside in urban areas. However the services offered by the banking system is woefully inadequate and is unable to reach the financially illiterate people living in urban areas. This study attempts to gather data on this issue from people living in Navi Mumbai City. This study attempts to bring to light the reach as well as the efficacy of the banking services in relation to the urban poor living in Navi Mumbai City. The study is mainly based on primary data.