Government has taken revolutionary steps towards financial inclusion. Jan Dhan is the world’s largest financial inclusion programme. The Government has always aimed to bring economic policies keeping in mind economically weaker sections, said Co-operation, Bhopal Gas Tragedy Relief and Rehabilitation (Independent Charges), Panchayat and Rural Development minister Vishwas Sarang at the Microfinance Institutions Network (MFIN) first conclave around Financial Inclusion today in the city.
He raised concern of higher interest rate and suggested to take measure to decrease it.
Principal Secretary, Finance & Commissioner Institutional Finance, Govt. of M.P, Manoj Govil said that state government is trying its best to encourage institutional finance. Finance institutions should try to make their products easily accessible to economically weaker sections. NBFCs contribute significantly in giving better access to services such as insurance, pension and savings to the low income segment.
President, MFIN Rakesh Dubey said that Microfinance has been crucial source of formal credit to the low income segment, providing collateral free unsecured loans. Financial entities such as NBFC-MFIs, Small Bank Finance and Banks have played an important role in furthering the financial inclusion agenda of the government in the state. Despite several entities working together towards furthering this agenda, there are still gaps in easy accessibility to financial services that need to be addressed.
The theme of the event was 'Financial Inclusion - An Imperative for Inclusive Development'.
The discussions also revolved around the role of microfinance and fintech in fostering financial inclusion. S K Bansal, Chief General Manager, NABARD and Sonali Vayangankar, IAS, MD, MP Women Finance and Development Corporation and Rakesh Dubey, President, MFIN were present during the inaugural session.