Jamshedpur : XLRI,Jamshedpur, hosted the ‘2nd International Workshop on Inclusive Finance’ at its campus. At the inaugural session, YC Nanda, former chairman, NABARD & Chairman, National Commission on Farmers said: “Reaching financial services to all sectors particularly agriculture and rural areas has been a major concern for the policy makers in India since long.
The development of an elaborate cooperative banking system with over one hundred thousand primary cooperative societies at the village level, the social control and later nationalization of banks, establishment of nearly 300 regional rural banks, tremendous expansionin number of rural branches of banks, setting XLRI workshop focusses on creating economic opportunities for the less privileged priority sector targets with sub targets for agriculture credit, direct agriculture credit, loans to weaker sections etc. , were all part of State- led approach with focus on access to credit.
The results have been mixed. There is still a strong possibility that the financial system may reach a level of inclusion in none too distant future which would be adequate for the immediate purpose of introducing DBT in the country.” Fr. E. Abraham. S.J., Director of XLRI said on the occasion, “Access to finance should be universal; in today’s modernized economy, this has almost become part of the basic human needs. Poor should have access to finance, like food, education and other essentials of life.
Our achievements in the domain of finance would not be suffice when vast majority of population have no bank accounts, appear to have taken up fewer opportunity in insurance and pension.” A number of special plenary sessions and panel discussions by leading industry experts and business leaders are being held on all three days deliberating on the best practices and evolving framework in financial inclusion, addressing the challenges faced while implementing the financial inclusion initiatives by the government. The plenary sessions on Day-1 discussed on topics like Financial Inclusion: Current Thrusts & Challenges; SHGs & NRLM: Convergence & Operational Issues and Financial Literacy.
The day’s events concluded with a presentation on Role of Credit Information in Microfinance by Mr. K Sridhar, Vice President &
Head – Business Development, High Mark Credit Information Services private limited Dr. H.K. Pradhan, Professor of Finance & Economics and Coordinator, Financial Market Centre, XLRI said, “In a country of huge diversity in socio economic conditions, no single institution would be able to deliver. We have cooperatives, banks, RRBS, MFIs, now we are considering post offices, and
even reviving the earlier effort of setting up Local Area Banks.
We have therefore evolved a multi-agency approach to financial service delivery to the poor. We need to provide long term savings products, so that India’s poor can gradually accumulate their savings for long term asset accumulation towards retirement savings; escape the poverty of the elderly.” “I hope our workshop will provide some broader perspectives on the critical issue of delivery models in financial inclusion”, he added.