ISSN : 0368-4199 Estd. 1962 NAAC 'A' Grade Volume No. - 46; Issue No.2 of 2010 & Issue No. 1 & 2 of 2011 JOURNAL OF SHIVAJI UNIVERSITY (HUMANITIES & SOCIAL SCIENCES) (Double blind and peer reviewed) ISSN - 0368-4199 SHIVAJI UNIVERSITY, KOLHAPUR JOURNAL OF SHIVAJI UNIVERSITY (Humanities and Social Sciences) ISSN: 0368-4199 Volume No. - 46; Issue No.2 of 2010 & Issue No. 1 & 2 of 2011 EDITORIAL BOARD OF THE JOURNAL Prof. (Dr.) D. B. Shinde Chairman Hon’ble Vice-Chancellor, Shivaji University, Kolhapur Prof. (Dr.) D. T. Shirke Hon’ble Pro- Vice-Chancellor, Shivaji University, Kolhapur Prof. (Dr.) M. S. Deshmukh Managing Editor Department of Economics, Shivaji University, Kolhapur MEMBERS OF THE EDITORIAL BOARD Prof. (Dr.)Bharati Patil Dean, Faculty of Humanities & Social Sciences,Shivaji University, Kolhapur Prof. (Dr.) A. M. Gurav Dean, Faculty of Commerce & Management,Shivaji University, Kolhapur Prof. (Dr.) V. B. Kakade Department of Economics,Shivaji University, Kolhapur Prof. (Dr.) Jagan Karade Head, Department of Sociology,Shivaji University, Kolhapur Prof. (Dr.) Rajan Gavas Head, Department of Marathi,Shivaji University, Kolhapur Prof. (Dr.) C. A. Langare Head, Department of English,Shivaji University, Kolhapur Prof. (Dr.) P. S. Patankar Head, Department of Education,Shivaji University, Kolhapur Dr. Namita Khot Director, Knowledge Resource Center,Shivaji University, Kolhapur JOURNAL OF SHIVAJI UNIVERSITY (Humanities & Social Sciences) (Double blind and peer reviewed) (ISSN: 0368-4199) VOL. No. Issue No. 2 of 2010 & 46 Issue No. 1&2 of 2011 SHIVAJI UNIVERSITY KOLHAPUR – 416004 (INDIA) --- Contact Details --- Prof. (Dr.) M. S. Deshmukh Managing Editor, Journal of Shivaji University (Humanities and Social Sciences), Department of Economics, Shivaji University, Kolhapur - 416004 E-mail: [email protected] Phone: 0231- 2609179 Website: http://www.unishivaji.ac.in/journals/ -------------------------------------------------i-------------------------------------------------- Disclaimer The views expressed in the articles included in this volume are those of respective authors and the Editorial Board and Publisher of the journal are not responsible for the same.The articles published in this Journal of Shivaji University (Humanities and Social Sciences), is subject to copy right of the publisher. No material can be reproduced without prior permission of the publisher. © SHIVAJI UNIVERSITY, KOLHAPUR ISSN: 0368-4199 Published by: Dr. V. D. Nandavadekar Registrar, Shivaji University Kolhapur Quantity: 100 Price: 100 Printed by: Press Superintendent, Shivaji University Press, KOLHAPUR – 416004 Year of Publication: May, 2018 (The Managing Editor, on behalf of the Editorial Board of the Journal of Shivaji University (Humanities and Social Sciences) VOLUME NO – 46 Issue - 2 of 2010 & Issue 1&2 of 2011; wishes to express his thanks to the contributing authors and the experts for acting as referees for the papers included in this volume.) -------------------------------------------------ii------------------------------------------------- Journal of Shivaji University (Humanities and Social Sciences), Vol. 46 Issue No.2 of 2010 & Issue No. 1&2 of 2011 CONTENTS Sr. No. Title Page No. 1. FINANCIAL INCLUSION: CHALLENGES BEFORE 1-07 INDIAN ECONOMY Dr. V. B. Kakade 2. EVALUATION OF KISAN CREDIT CARDS SCHEME 08-24 Dr. Shrikrishna Mahajan 3. ANALYSIS OF INDIAN AGRICULTURE DURING PRE 25-36 & POST REFORM PERIOD Dr. M. S. Deshmukh 4. A REVIEW OF INCLUSION THROUGH VOCATIONAL 37-48 EDUCATION IN INDIA Dr. Maruti Ishwara Kumbhar 5. BUILDING A SUCCESSOR IN URBAN COOPERATIVE 49-60 BANKS Dr. V. P. Katti 6. API: ACADEMIC SUSTAINABILITY - A FIRE ALARMING 61-70 BELL Dr. A. M. GURAV 7. DEBT WAIVERS V/S AGRICULTURAL INSURANCE: A 71-91 COMPARATIVE EFFICACY Dr. Dnyandev C. Talule 8. ANALYSING EDUCATIONAL STATUS OF EMPIOYED 92-106 AND UNUMPLOYED LABOUR IN INDIA Dr. P. S. Kamble, S. T. Kombde, S. P. Panchgalle 9. 107-114 Vishal Vikram Singh iii Journal of Shivaji University (Humanities and Social Sciences), Vol -46-Issue 2 of 2010 & Issue No. 1&2 of 2011 1. FINANCIAL INCLUSION: CHALLENGES BEFORE INDIAN ECONOMY Dr. V. B. Kakade1 Abstract: Financial globalization is understood as the integration of a country’s local financial system with international financial markets and institutions. This integration typically requires that governments liberalize the domestic financial sector and the capital account. Integration takes place when liberalized economies experience an increase in cross-country capial movement, including an active participation of local borrowers and lenders in international markets and a widespread use of international financial intermediaries. This offers more channels for investment and better returns. Moreover, it creates risk and increases the complexity. On this background the financial literacy plays an important role which in turn affects financial inclusion. The low level of financial literacy and financial index in terms of awareness and application needs corrective action. Financial education of the various stakeholders is the need of time. Key words: Financial literacy, Ponzi schemes, financial Index. I. INTRODUCTION: Financial globalization is understood as the integration of a country’s local financial system with international financial markets and institutions. This integration typically requires that governments liberalize the domestic financial sector and the capital account. Integration takes place when liberalized economies experience an increase in cross-country capital movement, including an active participation of local borrowers and lenders in international markets and a widespread use of international financial intermediaries. Although developed countries are the most active participants in the financial globalization process, developing countries (primarily middle-income countries) have also started to participate. From a historical perspective, financial globalization is not a new phenomenon, but today’s depth and breath are unprecedented. Capital flows have existed for a long time. 1 Dr. V. B. Kakade, Professor, Department of Economics, Shivaji University, Kolhapur (MH), India E-mail : [email protected] Mob - 9422423941 1 Journal of Shivaji University (Humanities and Social Sciences), Vol -46-Issue 2 of 2010 & Issue No. 1&2 of 2011 The 1970s witnessed the beginning of a new era in the international financial system. As a result of the oil shock and the breakup of the BrettonWoods system, a new wave of globalization began. The oil shock provided international banks with fresh funds to invest in developing countries. These funds were used mainly to finance public debt in the form of syndicated loans. With the disintegration of the Bretton Woods system of fixed exchange rates, countries were able to open up to greater capital mobility while keeping the autonomy of their monetary policies. The 1990s witnessed an investment boom in FDI and portfolio flows to emerging markets despite the perception of increasing financial globalization, the international financial system is far from being perfectly integrated. There is evidence of persistent capital market segmentation, home country bias, and correlation between domestic savings and investment. The recent deregulation of financial systems, the technological advances in financial services, and the increased diversity in the channels of financial globalization make a return to the past more costly and therefore more difficult. II : RESULT AND DISSCUSSIONS Challenge of Financial Literacy The process of globalization has opened many opportunities along with its challenges. The old methods of saving and investment has made it not only out dated but a costlier affair. The financial market very near to perfect competition in terms of entry and exit to the individual requires full understanding of risks and rewards of such growing market. The new options of investment backed by expertise and technology can reward to those who are aware about it. Unfortunately the taboo about the capital market or share market and equating it with gambling has caused loss both to the individual and national level. Here an attempt is made to indicate the new opportunities in growing market, its pre conditions and potential benefits. It offers more scope to the students of economics to make career in the financial market where sky is the limit for them. Status of Financial Literacy: Financial literacy in narrow sense is the ability to understand how money works in the world and how someone manages to earn or make it or how he/she invests it (turn it into more) and in wider sense it means how that person donates it to help others. More specifically, it refers to the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources. Financial literacy often entails the knowledge of properly making decisions pertaining to certain personal finance areas like saving, real estate, insurance, investing, tax planning and retirement planning.. It also involves intimate knowledge of financial concepts like compound interest, financial planning, the mechanics of a credit card, advantageous savings methods, consumer rights, time value of money, etc. The absence of financial literacy can lead to making poor financial decisions that can have adverse effects on the financial health of an individual. Financial Participation is important for many reasons. For the household, participation 2 Journal of Shivaji University (Humanities and Social