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Financial inclusion work in MP hailed

By   Admin posted on    July 27, 2013 09:02:00 PM

Bhopal: Bankers, Union Government officers and officers of other states have hailed in unison the financial inclusion work done in Madhya Pradesh under Integrated Social Security Mission. At the daylong round-table conference on ‘Prosperity through direct benefit transfer’ here on Saturday, representatives of banks, insurance companies and other fiscal institutions described works done in this direction in Madhya Pradesh as the best and assured to cooperate in this process further. At the conference, officers of other states also quenched their inquisitiveness about various aspects of financial inclusion in Madhya Pradesh. Programme’s chief guest Panchayats and Social Justice Minister Gopal Bhargava said that Madhya Pradesh government has already accomplished the feat of extending benefits of schemes directly to beneficiaries. Madhya Pradesh has become pioneer in this respect.
However, he laid emphasis on further extension of banking services in tribal areas. He said that innovation of financial inclusion will help plug leakages. Space for banking facility has been made available in all Panchayat Bhawans in the state, he added. Central Bank of India’s CMD Tanksale said that work of financial inclusion in Madhya Pradesh has been done as a passion and not as a fashion. He laid emphasis on digital banking and digital inclusion for ensuring success of financial inclusion. He said that not only financial inclusion, but social inclusion is also necessary. Good work has been done in this regard in Madhya Pradesh. Madhya Pradesh is the only state in the country where there is perfect coordination between Reserve Bank of India, State Government and other concerning agencies. He suggested increasing financial literacy.
Reserve Bank of India’s Regional Director Ravi Mohan said that Madhya Pradesh’s work in financial inclusion is worthy of emulation. After visiting a village near Indore this year, Reserve Bank Governor had said that he had selected this village for his this year’s visit since Madhya Pradesh is much better than other states. Ravi Mohan hoped that Madhya Pradesh will become pioneer through not only financial inclusion, but also extending benefits to people to improve their lot.
Union Additional Secretary Finance Snehlata Shrivastava informed about direct benefit transfer scheme of the Union Government. She said that 43 districts have been selected for its first phase and 78 for second phase. More benefits will be given to the states doing good work, in which also Madhya Pradesh will be pioneer. She described financial inclusion under Social Security Mission in Madhya Pradesh as excellent. She said that expansion of banking services is not a favour to the people, but is giving them their right.
Additional Chief Secretary Rural Development Aruna Sharma delivered the welcome address. She said that financial inclusion under MNREGA and Integrated Social Security Mission is paving way for people’s prosperity. She informed that objective of ‘Samriddhi’ is to chalk out a model under which cent percent pensioners and MNREGA beneficiaries start receiving payments through directed fund transfer in the first phase and scholarships, health-related benefits and other payments in the second phase. Informing about database of families being prepared in Madhya Pradesh, she said that its 80 percent work has been completed. Amounts are being directly deposited in beneficiaries’ bank accounts in 15 districts through Samagra.
She informed that paradigm shift in norms of banking facilities has been made in Madhya Pradesh. Here geographical distance has been made basis of banking facility instead of population. She informed that so far 1567 bank branches and ultra small banks have been opened under financial inclusion in Madhya Pradesh. Ultra small banks have transacted Rs 600 crore business in last 8 months.
Additional Chief Secretary Food Antony D’sa informed how Food Department has benefited by financial inclusion scheme. MNREGA Commis

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