A Study on Role of Commercial Banks in Promoting Entrepreneurship
Abstract
Indian economy is favourable towards the development of entrepreneurship as both central and state governments have initiated a series of entrepreneurial development programs with an aim to generate employment and economic development. The policies such as make in India, made in India, startup India, standup India etc are aiming to help the entrepreneurs in promoting their business. The current study aimed to measure the entrepreneurs’ perception towards the role of commercial banks in promoting entrepreneurship. Entrepreneurs from Belagavi district of Karnataka state have been taken as respondents for the study. The study is based on both primary and secondary data. A total of 60 entrepreneurs were given a questionnaire on a 5-point Likert scale. Convenience sampling was used to collect data from respondents. Descriptive statistics and the one sample t-test were used to assess the data. The results of the survey demonstrated that the financial services of many commercial banks are having difficulties. Accessing these facilities is proving to be challenging for entrepreneurs. They find the penalty procedure and application process challenging. In order to support entrepreneurs, commercial banks must implement vigorous awareness campaigns about financial services and banking procedures. The results reveal a considerable disconnect between the objectives of government policies and their practical execution, emphasizing the necessity for commercial banks to become more accommodating and supportive of entrepreneurs. It is crucial for banks to streamline their procedures for loan applications and fund disbursements, improve clarity in communicating financial terms, and foster stronger relationships with small and budding businesses. Additionally, banks should actively conduct awareness campaigns and outreach initiatives to inform entrepreneurs about the financial services and assistance programs available. Offering tailored advisory support, organizing training sessions, and promoting digital financial literacy can further empower entrepreneurs, helping them make well-informed financial decisions and maintain the growth of their businesses.
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