Financial Inclusion of Underprivileged Gender: With Special Reference to Sukanya Samriddhi Yojana
Savings play crucial role in economic growth of a nation. Financial inclusion is one of the factors that enhance savings. It helps in development of a country. In this context various schemes have been launched by the Government. Sukanya Samriddhi Yojana is one of the initiatives in this regard. This study is a detailed analysis of the Scheme.
Sukanya Samriddhi Yojana is a small saving account which is launched on 22nd January,2015 in Panipat, Haryana by honorable Prime Minister Narendra Modi which is a girl child prosperity scheme under Beti Bachao, Beti Padhao. Financial independence would help the underprivileged gender i.e. Females to gain confidence and individual freedom which is one of the important aspects of development. The main idea behind the scheme is to secure girl child’s future so that they can have access to education as well as a happy married life ahead. This scheme will help girls to be financially secure in the future.
By initiating this scheme, literacy rates of females have been increased up to a certain extent, which leads to financial support and help in raising the standard of living of people.
The 15th census of India, carried out in the year 2011 states that sex ratio of India is still 973 female per1000 male population. There is people’s mindset that they consider boy child as an asset while a girl child a liability. Because of only this reason, the gender composition has worsened over a period. The child sex ratio (0 to 6 years) in India was 927 girls per 1000 boys in 2001, has dropped drastically to 918 girls for every 1000 boys in 2011. 
This study is an analysis of performance of Sukanya Samriddhi Yojana in India which is based on secondary data. The data for the study was collected through various websites, magazines, and government official pages and research findings. The paper brings out the significant benefits after the launch of the scheme. The study analyses the performance of the scheme since its implementation. Trend analysis and SWOT analysis is done to bring out the performance of the scheme. The paper brings out the detailed information regarding the performance of the scheme.
The research paper also brings out SWOT analysis also made to ascertain the strengths, weakness, opportunities and threats of the Sukanya Samriddhi Yojana. The objective of the SWOT analysis is to analysis the internal and external key factors. It studies the key strengths of the scheme and found that is quite effective in many ways.
It highlights the weakness of the Sukanya Samriddhi Yojana which are as follows. Sukanya Samriddhi Yojana having a lock in period of 21 years which implies that the amount once deposited will be withdrawable only after 21 years of maturity period. It is not a short-term investment account. So, it can be hindrance for the short-term investors. Sukanya Samriddhi Yojana having variable rate of interest.
The study also brings out the various opportunities of the Sukanya Samriddhi Yojana. This scheme can ensure online deposit and withdrawal from the accounts. Because nowadays people prefer to make deposit and withdrawal online without any wastage of time and efforts. So, this can be wonderful opportunity to allow online transactions through this scheme and to make use of this scheme effectively and efficiently.
It also highlights the various threats faced by the Sukanya Samriddhi Yojana. The scheme allows initial deposit of 1,000 which is a big challenge for the rural poor sections of the society. Continuous fluctuations in the interest rates offered by the government also a major hindrance for the poor people.
The main objectives of the paper would be useful to create financial awareness among common masses so that more and more parents can use this scheme for girl education and marriage expenses or to help them to become financially independent. This paper also throws light on the shortcomings of the scheme and provide the causes of its setbacks. The paper will be quite useful in providing suggestions which would help policymakers to devise plans so that it caters to the need of all citizens of all sections of the society.
Keywords - Financial Inclusion, Economy, Sukanya Samriddhi Yojana, Girl Education, Account Holder.