DECLARATION

I, Sarath Sidharthan, fourth semester MBA (Full Time) student of School of Management Studies, CUSAT hereby declare that this report is a bonafide record of the independent research study done by me during the academic year 2014- 2015, in partial fulfillment of the requirements for the award of the Degree of Master of Business Administration of the Cochin University of Science and Technology, Cochin.

This work has not been under taken or submitted elsewhere in connection with any other academic course.

Place: COCHIN

Date: 20-04-2015 SARATH SIDHARTHAN

CHAPTER -1DESIGN OF THE STUDY

1.1 INTRODUCTION OF THE STUDYPradhan Mantri Jan Dhan Yojana (PMJDY). It is a scheme for comprehensive financial inclusion launched by the Prime Minister of India, Mr. Narendra Modi on 28 August 2014.He had announced this scheme on his first Independence Day speech on 15 August 2014.This scheme is based on Sab ka sath sab ka vikas i.e. inclusive growth. The main objective of this scheme is to ensure universal access to banking facilities with at least one basic bank account for every household. It was reported that total of 7 Crore (70 million) bank accounts have been opened with deposits totaling more than 5000 crore Rupees (approx 1 billion USD) as of November 6, 2014.

Financial inclusion is an innovative concept which enables the alternative techniques to promote the banking habits and acts as enabler in reducing the poverty and the launch of Pradhan Mantri Jan Dhan Yojana (PMJDY) by Government of India is in that direction. The scheme is not only limited to opening of a bank account but has other benefits with it viz. zero balance bank account with RuPay debit card, in addition to accidental insurance cover of Rs 1 lakh, those who open accounts by January 26, 2015 over and above the Rs 1 lakh accident, they will be given life insurance cover of Rs 30,000, etc. According to GOI, MGNREGA payments are to be done in to the accounts of the MGNREGA workers in rural areas held either in Banks/ Post Office (unless exempted) and the objective of the PMJDY scheme is to ensure that no household is left without a bank account. There are total 9.98 Crore accounts of the MGNREGA worker in Bank/ Post Offices. Out of this there are 3.66 Crore accounts in Post Offices and 0.75 Crore in Co-operatives. Thus all banks were directed to work in this direction for a greater inclusion6.

Account can be opened in any bank branch or Business Correspondent outlet. PMJDY accounts are being opened with Zero balance. However, if the account-holder wishes to get cheque book, he/she will have to fulfill minimum balance criteria.Benefits of PMJDY Scheme1. Interest on deposit.2. Accidental insurance cover of Rs.1 lakh3. No minimum balance required.4. Life insurance cover of Rs.30,000/-5. Easy Transfer of money across India6. Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.7. After satisfactory operation of the account for 6 months, an overdraft facility will be permitted8. Access to Pension, insurance products.9. Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.10. Overdraft facility upto Rs.5000/- is available in only one account per household..1.2 REVIEW OF LITERATUREAccording to Indian institute of banking and finance, financial inclusion is delivery of banking services at an affordable cost ('no frills' accounts,) to the vast sections of disadvantaged and low income group. Unrestrained access to public goods and services is the sine qua non of an open and efficient society. As banking services are in the nature of public good, it is essential that availability of banking and payment services to the entire population without discrimination is the prime objective of the public policy.

" According to Dr. K.C.Chakrabarty, Deputy Governor, Reserve Bank of India, financial Inclusions theprocess of ensuring access to appropriate financial products and services needed by allsections of the society in general and vulnerable groups such as weaker sections and low income groups in particular at an affordable cost in a fair and transparent manner by main stream institutional players.

Research Paper on, Overview of Financial Inclusion inIndia, by C. Paramasivan and V. Ganeshkumar, Financial inclusion is aimed at providing banking and financial servicesto all people in a fair, transparent and equitable mannerat affordable cost. This paper is an attempt to discussthe overview of financial inclusion in India.

Research Paper on, An Analytical Study: Relevance of Financial Inclusion For Developing Nations by Dr. AnupamaSharma and Ms. Sumita Kukreja, The study focuses on the role of financial inclusion, in strengthening the Indias position in relation to other countries economy. For analyzing such facts data for the study has been gathered through secondary sources including report of RBI, NABARD, books on financial inclusion and other articles writtenby eminent authors.Research Paper on, Financial Inclusion in Gujarat: A Study on Bankers Initiatives by Mr. Nanjibhai D. Ranparia includes study of various financial inclusion and to evaluate progress and current status of financial inclusion of the state.

Financial inclusion: It has been defined, by the Committee on Financial Inclusion, 2008, as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost. It primarily represents access to a bank account backed by deposit insurance, access to affordable credit and the payments system.

Kunthia R (2014) - The author in this research paper has attempted to study the recent developments on Financial Inclusion in India with special reference to the recently launched Pradhan Mantri Jan-Dhan Yojna (PMJDY).The author has presented an analysis of its different important areas, the roadblocks in the process and has suggested strategies to attain universal coverage of the PMJDY for the underprivileged population and the large unbanked areas of the country.

Bhuvaneshwari P & Pushpalatha P (2013) - The authors say that even after attainment of independence India is yet to provide independence to its poor from debt and cunning money lenders.The authors are of the view that the Indian banking system has to increase its focus on the problems faced by rural India. The authors advocate the concept of social banking which primarily constitutes financial services that result in human development; it is a system in which the rich subsidises the provision of the financial services to the poor. Social banking exists in India in the form of cooperative banks, regional rural banks but their success has been limited due to the combination of a large population, the vast geographical spread of the country & unavailability of banking services. They feel that social banking can be an instrument of financial inclusion in India..G.H Dr.B.C.M. Patnaik , Dr. Ipsita Satpathy,D.Litt & Avinash Chandra Supkar (in International Journal of Management (IJM)) PMJDY is a major catalyst in achieving the goal of inclusive growth as the initial figures are encouraging and as more and more people get in the ambit of formal institutions they will be in a position to contribute more positively in the economic development of the country. When people save money ultimately they make for themselves the availability of surplus which can be utilized by the banks to channelize it to the needy sectors. Also by opening a bank account people can earn risk free returns and can also enjoy the benefits of other linked financial services which they were not able to access.

CHAPTER 2THEORETICAL FRAMEWORK

As a measure towards financial inclusion of the poor in the national mainstream, the government launched the Pradhan Mantri Jan-Dhan Yojana (PMJDY) on 28 August 2014.

Financial inclusion: It has been defined, by the Committee on Financial Inclusion, 2008, as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost. It primarily represents access to a bank account backed by deposit insurance, access to affordable credit and the payments system.

Importance of Financial Inclusion: Financial inclusion, more particularly when promoted in the wider context of economic inclusion, can uplift financial conditions and improve the standards of lives of the poor and the disadvantaged. Access to affordable financial services would lead to increasing economic activities and employment opportunities for rural households with a possible multiplier effect on the economy. It could enable a higher disposable income in the hands of rural households leading to greater savings and a wider deposit base for banks and other financial institutions. It will enable the Government to provide social development benefits and subsidies directly to the beneficiary bank accounts, thereby drastically reducing leakages and pilferages in social welfare schemes. Further, expanding the reach of financial services to those individuals who do not currently have access would be an objective that is fully consistent with the people-centric definition of inclusive growth which attempts to bridge the various divides in an economy and society, between the rich and the poor, between the rural and urban populace, and between one region and another. Thus, financial inclusion could be an instrument to provide monetary fuel for economic growth and is critical for achieving inclusive growth.

Financial Inclusion in India Background: The efforts to include the financially excluded segments of the society into formal financial system in India are not new. The concept was first mooted by the Reserve Bank of India in 2005 and Branchless Banking through Banking Agents called Bank Mitr (Business Correspondent) was started in the year 2006. In the year 2011, the Government of India gave a serious push to the programme by undertaking the "Swabhimaan" campaign to cover over 74,000 villages, with population more than 2,000 (as per 2001 census), with banking facilities. Because of the RBIs drive for financial inclusion, the number of bank accounts increased by about 100 million during 2011-13

The Swabhimaan campaign, however, was limited in its approach in terms of reach and coverage. Convergence of various aspects of comprehensive Financial Inclusion like opening of bank accounts, digital access to money (receipt/credit of money through electronic payment channels), availing of micro credit, insurance and pension was lacking. The campaign focused only on the supply side by providing banking facility in villages of population greater than 2000 but the entire geography was not targeted. There was no focus on the households. Also some technology issues hampered further scalability of the campaign. Consequently the desired benefits could not be achieved and a large number of bank accounts remained dormantThe PMJDY is being implemented in two phases. In the first phase (till August 14, 2015) every account holder will receive a RuPay debit card, and will be able to use basic mobile banking services, such as balance enquiry. Further, every account holder under the scheme will get an accident insurance cover of Rs.1 lakh. Bank accounts opened between 28 August 2014 and 26 January 2015 would also get life insurance cover worth Rs30,000/-. These accounts are also eligible for over draft facility of Rs.5,000/- based on performance during the first six months. There will also be a financial literacy programme, expansion of Direct Benefit Transfer under various schemes through the beneficiaries bank accounts, and issuance of RuPay Kisan Card. In the second phase (from August 2015 to 14 August 2018), micro insurance and unorganized sector pension schemes would also be provided. Bank accounts opened after 26 January 2015 would be eligible for life insurance cover and micro insurance in this phase. As it is difficult to spread bank branches across all unbanked areas, Business Correspondents (BCs) will be deployed on a large scale to help execute the plan.

The programme for financial inclusion under the PMJDY is based on six pillars:

1. The country will be divided into a number of sub-service areas (SSA), each with 1,000-1,500 households. One banking outlet (branch or BC) will be established within a distance of five km from every SSA by August 2015;

2. One bank account will be ensured for every household by August 2015, along with a RuPay debit card and an accident cover worth Rs.1,00,000. If the credit history is satisfactory during the first six months, the account holder will become eligible for an overdraft worth Rs.5,000;

3. Financial literacy programmes will be expanded by August 2015 to spread awareness about financial services;

4. A Credit Guarantee Fund will be created before August 2018 to cover potential defaults in overdrafts;

5. All willing and eligible persons will be provided with micro-insurance by August 2018; and

6. Pension payments under the Swavalamban Yojana scheme for workers in the unorganised sector will be paid through bank accounts by August 2018.

Special Benefits under PMJDY Scheme a. Interest on deposit. b. Accidental insurance cover of Rs.1.00 lakh c. No minimum balance required. d. Life insurance cover of Rs.30,000/- e. Easy Transfer of money across India f. Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts. g. After satisfactory operation of the account for 6 months, an overdraft facility will be permitted h. Access to Pension, insurance products. i. Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days. j. Overdraft facility up to Rs.5000/- is available in only one account per household, preferably lady of the household10.

The implementation strategy: The implementation strategy of the plan is to utilize the existing banking infrastructure as well as expand the same to cover all households. While the existing banking network would be fully geared up to open bank accounts of the uncovered households in both rural and urban areas, the banking sector would also be expanding itself to set up an additional 50,000 Business correspondents (BCs), more than 7000 branches and more than 20,000 new ATMs in the first phase. Keeping the stiff targets in mind, in the first phase, the plan would focus on first three pillars in the first year starting from 15th August, 2014.The target for setting up additional 50,000 BCs is quite challenging given the constraints of telecom connectivity. In order to achieve this plan, phase wise and State wise targets for Banks have been set up for Banks for the period 15th August, 2014 to 14th August, 2015. Roles of various stakeholders like other 5

Departments of the Central Government, State Governments, RBI, NABARD, NPCI and others have been indicated. Gram Dak Sewaks in rural areas are proposed as Business Correspondent of Banks. Department of Telecom has been requested to ensure that problems of poor and no connectivity are resolved. It is understood that of the 5.93 lakh inhabited villages in the country (2011 census) only about 50,000 villages are not covered with Telecom connectivity.

Right now, most Indian households rely on money-lenders for credit and on the Saradhas and Saharas for their savings needs. Bank accounts for all may solve this problem. Easy access to the banking system (and freedom from scam-artists and moneylenders) can materially lift Indias economic prosperity. Financial accessibility as promised by the PMJDY would certainly help generate higher saving. If bank accounts become the norm, it will also be easier for the Government to directly pay all subsidies into the accounts of the poor, instead of dispensing them through the vast, leaky network of government agencies.

The PMJDY promises an overdraft or credit facility; this would expand the poors access to credit, and thereby positively affect well-being, confidence of decision making, and trust in carrying economic activities. Further, insurance coverage of one lakh rupees would help poor account holders mitigate risk and manage shocks. Vulnerability to risk and the lack of instruments to absorb external shocks make it difficult for poor people to rise above the poverty line

Challenges before PMJDY: A business correspondent is a representative of the bank that provides doorstep banking services through the use of smart card handling devices which are connected to the main servers of the bank. The RBI has allowed banks to use the services of NGOs, microfinance institutions, non-banking finance companies and post offices as BCs. Some caution is obviously warranted because the JDY relies heavily on the BC model for expanding the banking network in both the rural and urban areas. One of the primary reasons behind the unsatisfactory performance of the BC model is the poor remuneration (Rs 2000-3000 per month) paid to business correspondents. For such a meager amount, it is unfair to expect a BC to visit villages or slums at regular intervals, open new bank accounts for the poor people, process financial trans-actions, educate customers about banking services and answer all queries of the customers. Under the JDY, the BCs will get a minimum compensation of Rs.5000 per month. This is a welcome move but there are several other important factors which act as a barrier in the delivery of banking services through the BC model. Some of these factors include inordinate delay in issuing smart cards to customers (three to six months); limited utility of smart cards as services such as remittance are not loaded; inadequate cash handling limit given to BCs; devices not working properly due to technical problems or poor network connectivity; lack of trust in BCs; lack of customer-centric banking products and services; poor governance and inadequate supervision of BCs; and absence of a comprehensive strategy for financial education.

The expanded financial architecture will need personnel, which is lacking, and could be important supply side deficit. Banks have been advised under the PMJDY to open 200 accounts a day in each of their existing rural branches, but they are wary, as the existing infrastructure in those branches cannot handle the extra load. Therefore, banking reach should be increased gradually and along with the capacity of banking infrastructure, so that the customer base at any time can be serviced well and the system is not pressurized at any time. Financial inclusion cannot be achieved only by meeting the target numbers. The RBI Governor, Raghuram Rajan had cautioned banks on the risks involved in just hunting for number with regard to Jan-Dhan Scheme, asking them not to compromise on core objective of the programme.When we roll out the scheme, we have to make sure it does not go off the track. The target is universality, not just speed and numbers. The scheme can be a waste if it leads to duplication of accounts, if no transaction happens on the new accounts and if the new users get bad experiences. In Prime Ministers own words this Pradhan Mantri Jan-Dhan Yojana lies at the core of this governments development philosophy of Sab Ka Sath Sab Ka Vikas.

INCLUSIVE GROWTH THROUGH AN INCLUSIVE FINANCIAL SYSTEMIndia has adopted inclusive growth as part of its economic planning. It was in fact the 11th five year plan (2007-2012) which emphasizes on inclusive growth and enables the vulnerable groups of the society to actively participate in the economic development of the country. This can be made possible through successful implementation of financial inclusion which involves the delivery of financial services at a sustainable cost to the vast segments of low income and disadvantaged groups. The objective is to develop a model of an inclusive financial system which will support full participation of the neglected and underdeveloped segments of the society in the financial system. An inclusive financial system is one that gives equal weight to both the development opportunities and the market potential for the poor by bringing them into the banking and financial bracket which involves the following:-

Financially and socially sound institutions having the capabilities of setting standards, self regulations and performance monitoring systems governed under a sound and robust regulation system. Assuring the sustainability of the financial institutions in providing continuous access to poor customers of the various financial services. Availability of multiple financial service providers including private, public and non-profit organizations in the sector making sustainable efforts to reduce the costs of the services. A wide variety of financial services which enable the underprivileged customers to avail credit, procure savings, receive and send remittances and other financial benefits which they are eligible to receive form the government EXCLUSION OF THE URBAN POOR

The urban poor population of the country is estimated to be around 8 crore (one third of the urban population is poor). Most of them work for the unorganized sector having limited sustainable livelihood options. According to some estimates 40 % of the adult urban population does not have access to a bank account thus alienating them from the basic financial services such as savings, credit and remittances. The first challenge for the urban financial inclusion is the identification of the urban poor, followed by the challenge of identity proof particularly in the case of the migrant work force. The main factors keeping the migrant work force and the remaining urban poor from the bracket of accessing financial services includes, low income, irregular earnings, migrant nature of the population, inadequacy to provide the required documentation, bigger family size combined with a single earning member and financial illiteracy leading to poor money management skills.The issue of financial illiteracy result in the migrant workers lack of awareness about the remittance facility offered by formal service providers as a result of which even those who do have bank accounts are not able to utilize these services. Also, those who have money prefer to keep it at home or participate in informal savings scheme like chit fund. Because of the ease and the speed of the services informal sources of credit the urban poor prefer them over the formal sources and the lender takes advantage of their situation and charges them with exorbitant rate of interest. The migrant nature of their job also results in them in not having any dependable identities, references and contacts as a result of which they are denied access to financial services form the banks. The attitude and the mindset of the serviced providers also feature prominently in the factors resulting in urban financial exclusion.

Financial Inclusion before PMJDY:In India, financial inclusion first featured in 2005, when itwas introduced by K C Chakraborthy, the chairman of IndianBank. Mangalam Village became the first village in Indiawhere all households were provided banking facilities.KYC Norms were relaxed for people intending to open accounts with annual deposits of less than Rs. 50,000. In order to ensure financial inclusion various initiatives were taken up by RBI like Nationalization of Banks, Expansion of Banks branch network, Establishment & expansion of Cooperative and RRBs, Introduction of PS lending, Lead Bank Scheme, Formation of SHGs and State specific approach for Govt. sponsored schemes to be evolved by SLBC (State Level Bankers Committee) etc. credit cards (GCCs) were issued to the poor and the disadvantaged with a view to help them access easy credit. RBI in the year January 2006, with the objective of ensuring greater financial inclusion and increasing the outreach of the banking sector, decided in public interest to enable the banks to use the services of NGOs/SHGs, MFIs and other Civil Society Organizations as intermediaries in providing financial and banking services through use of Business Facilitator and Business Correspondent Model. Census 2011 estimated that out of 24.67 crore households in the country, 14.48 crore (58.7%) households had access to banking services. Of the 16.78 crore rural households, 9.14 crore (54.46%) were availing banking services. Of the 7.89 crore urban households, 5.34 crore (67.68%) households were availing banking services. In the year 2011,Banks covered 74,351 villages, with population more than 2,000 (as per 2001 census) with banking facilities under the Swabhimaan campaign with Business Correspondents. However the program had a very limited reach and impact. Public Sector Banks (PSBs) including RRBs have estimated that by 31.05.2014, out of the 13.14 crore rural households which were allocated to them for coverage, about 7.22 crore households have been covered (5.94 crore uncovered). It is estimated that 6 Crore households in rural and 1.5 Crore in urban area needs to be covered.

Probable Threats of PMJDY ATM Network in rural India is less hence the people are less aware of using ATMs No check on the new account chances of existing account holders opening additional accounts under this scheme is high Government can easily encourage people to open new accounts but the biggest challenge is increasing the transactions in those accounts. No clarity about non recovery of over draft and the associated cost.Summary: It is one of Indias ambitious financial inclusion schemes that aims to provide basic banking and micro insurance services to Indias poor. The scheme is unprecedented in scale and coverage as more than 1.5 crore or 15 million bank accounts were opened in a single day when PM launched the scheme on August 28. Public Sector banks have opened nearly 6.5 crore accounts against the target to open 7.5 crore bank accounts before 26 January next year. Under the scheme an account holder is entitled to one lakh rupees accidental death cover and 30,000 rupees life insurance cover. It provides universal access to banking services. Basic bank accounts with overdraft facility are provided. Financial literacy program will also be rolled out. Credit guarantee fund will also be constituted. This scheme is also being seen as one strong pillar of vast number of initiatives and schemes that have taken place over the years. Experts point out that, if implemented properly, the Jan Dhan Yojana has the potential to wipe out the financial untouchability. There is a lot of scope for improvement in the way the scheme is implemented at the ground level. Long cue can still be seen outside bank branches. Despite the governments promise to open at least 2 accounts per household, many still havent made it even to their first one. Poor internet connectivity and cumbersome process are acting as impediments for smooth implementation of the scheme. This gets even worse in remote areas where the largest section of targeted group lives. Public sector banks are finding it difficult to cope with the rush. This scheme is demand driven. Despite the massive publicity, several people from the targeted section are not yet aware of the scheme. The connectivity becomes very much important as the money is transferred from the government on online basis. There are about 50000 villages in the country which do not have internet connectivity or have poor connectivity. Public sector banks who are at the forefront of this massive financial inclusion program have urged the centre, state governments and telecom service providers to take corrective measures. Providing telecom services and ICT infrastructure in the remote parts of the country to bring the rural people into the financial system fold is critical to the scheme. Communication remains a huge issue with huge illiteracy levels. Several parts are completely out of reach of any kind of media whatsoever. Banks also need to streamline the process of enrolling people in the rural areas. Under the PMJDY the banks are not mandated to collect the biometric data. Many people are not happy with the overdraft facility of just 500 rupees. Banks and experts are divided over the issue. Banks defend their policy of enhancing the overdraft limit on the basis of credit history of account holders. To create an environment for large scale implementation of PMJDY banking regulator RBI issued a circular allowing banks to open basic accounts even if the customer does not have officially valid documents. These basic accounts would be valid for one year. But the provision has not been implemented properly. It is because of lack of proper communication with bank agents. The target group comprises people who often dont have any official identification documents. These are the same people who suffer heavily at the hands of money lenders. The recent Sharada Chit Fund scam is an eye opener for the policy makers. In this case lack of access to the formal financial system caused havoc to the millions of the lower and middle class as the chit fund company duped them of their life time savings. The Supreme Court ordered for a CBI probe. In a developing nation like India, financial inclusion has been an ongoing process. Experts trace its roots to the Nationalization of banks in 1960s. In the post-nationalisation era a significant move took place from -class- banking to -mass- banking. Today public sector banks admit that financial inclusion programmes like PMJDY are a critical tool of overall national development. Census data of 2011 says that out of 24.67 crore households in the country, 14.48 cr/ 58.7% of the households have access to banking services. 54% of the rural households are availing the banking services. In urban areas the situation is slightly better as 68% of the households have access to the banking services. This suggests that there is room to move in further. At the end of March 2014 there were 1.15 lac bank branches and 1.60 lac ATMs in the country. Of this 38% of the bank branches and 16% of the ATMs are in rural areas. 1.4 lac bank correspondents are in rural areas. These correspondents represent banks to provide basic banking services. These correspondents need to be trained efficiently. Experts suggest that mere increase in number of bank branches is not sufficient to implement financial inclusion. Banks need to change their approach completely with regard to economically weaker sections and become more poor- friendly. There are lessons to be learnt from the success of the fast moving consumer goods and telecom companies in profitably catering to the lower economic strata of the society. The current state of regulatory environment is also responsible for the sorry state of financial inclusion in the country. Harnessing the wide network of post offices and fair price shops can help in increasing the financial inclusion. Utilization of a network of private telecom operators and fast moving consumer goods companies can also help. Adhaar platform can also be used. The objective of the financial inclusion program is to get rid of the money lenders. There is widespread call for careful monitoring of the program. Financial inclusion programmes in the past have run into rough weather after initial signs of success. There is purchasing power in rural areas waiting to be tapped

CHAPTER 3DATA ANALYSIS AND INTERPRETATION

3.1.19Question 19To what extent do you think that the easy procedures of PMJDY scheme helped a lot to achieve the target of 7.5 Cr household under the scheme?NO .OF RESPONESESPERCENTAGE

Very much3232

Some what4141

Undecided55

Not really1010

Not at all1212

INFERENCEIt is inferred from the table that, almost 73% of the respondents have a feeling that the easy procedures in PMJDY helped to achieve the target of 7.5 crore house holds under the scheme. Only 22% feels that the easy procedure was not helped in achieving the target account openings.

CHAPTER 4FINDINGS AND CONCLUSION

LIST OF CONTENTS

Chapter No.TitlePage no.

1.INTRODUCTION

1.1Introduction11

1.2. REVIEW OF LETERATURE13

1.3Statement of the problem15

1.4 Objectives of the study16

1.5Scope of the study17

1.6 Importance of the study 17

1.7 Methodology of the study18

1.8 Limitations of the study19

2Theoretical Framework20

3Data Analysis and Interpretation

31

4Findings and Conclusion

86

Bibliography