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Abstract

The Kerala banking system consists of 27 public sector banks, 16 private sector banks, 5 foreign banks, 1 RRB - Kerala Gramin Bank and 3 co-operative banking system in addition to cooperative credit institutions. Reserve Bank of India banking statistics and SLBC-Kerala Report-2017 indicates that Indian banking system has been reached at every corner in Kerala, and also increases the deposits, credits and accounts. At present banking sectors are giving different types of savings bank account with unique features focusing on different financial class customers, different age group customers, women customers, salaried peoples, business man etc., they also charge different type fees on different services. These types of offerings are a part of financial inclusion. The Report on State of Financial Inclusion in Kerala-2016 by Tara Nair and Devanshi Patani, concludes that state have complete literacy rate, hence the peoples are widely understood the importance of banking sector and also peoples are trusting with the banking sector. Report also shows that much of banking in the state has been limited to savings. In this context this study is examining the value of due diligence exhibited by customer in a banking institution. The study has focused with the identification parade by bank customer for identifying their own savings bank account by reading its key features only, reason for right and wrong identification made by the bank customers, and awareness about banking services, charges, fees and limit of usage. The study summary of findings, conclusion and recommendation will be strengthen the performance of financial inclusion, banking sector, and will helpful to update the financial inclusion plan and to accomplish the aim of financial literacy.

Keywords

Financial Inclusion, Due Diligence, Financial Literacy, SLBC-Kerala, Savings, Features

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