Chief Minister Shivraj Singh Chouhan has said that financial inclusion is the need of the hour. When the world was facing economic crisis, India had efficient financial management under the leadership of Prime Minister Narendra Modi. Due to this there was no economic crisis in India. Prime Minister Modi has brought a social revolution by opening the bank accounts of the poor by launching the Jan-Dhan Yojana. Middlemen have been eliminated from banks.
Chouhan was addressing the Financial Inclusion Seminar and releasing the district-wise Financial Inclusion Index report prepared by Atal Bihari Vajpayee Institute of Good Governance and Policy Analysis at Kushabhau Thackeray Auditorium. Chief Secretary Iqbal Singh Bains, NABARD CGM Nirupam Mehrotra and senior officers of banks were present. The booklet of NABARD was also released in the programme.
The Chief Minister said that the Reserve Bank of India is doing efficient financial management. This has also improved the financial management of Madhya Pradesh. He said that this is the first financial inclusion report of Madhya Pradesh. Atal Bihari Vajpayee Institute of Good Governance and Policy Analysis has played a commendable role in its making. For this, he thanked the Vice President of the Institute, Prof Sachin Chaturvedi. He said that this report would act as a guide in the development of the state.
The Chief Minister said that the country would be empowered with Sabka Saath-Sabka Vikas. Financial inclusion is must for everyone to be happy, healthy, and for the well-being for all. He said that the way Prime Minister Narendra Modi is taking India forward, the contribution of Madhya Pradesh will also be better. In the field of financial inclusion, steps have been taken for women empowerment through bank sakhi, women self-help groups in the state. He said that it is not enough just to open an account in the banks, it is also necessary to use it in all dealings.
Chouhan said that benefits of various schemes are being given to the beneficiaries by organizing employment day every month in the state. Work is being done to bridge the gap between richness and poverty. PM Swanidhi and Udyam Kranti Yojana have changed lives of people. He said that all the bankers need to work as a team. Efforts are being made to make banks accessible to the common man.
Chouhan said that digital transactions have been promoted by including direct account transfer (DBT) in all major beneficiary oriented schemes in the state. Aadhar linking is also being done in the accounts of Pradhan Mantri Jan-Dhan Yojanas to prevent the possibilities of financial irregularities. In the state, more than 84 percent of the accounts of Pradhan Mantri Jan-Dhan Yojana have been linked with Aadhaar.
Deputy Governor of Reserve Bank of India Mahesh Kumar Jain said that the Atal Bihari Vajpayee Institute of Good Governance and Policy Analysis established in Madhya Pradesh is giving important suggestions to the state government from time to time, due to this the state is developing economically. Banks play a significant role in economic growth. He said that all the bankers should focus on providing basic financial services to the citizens. He also adviced for financial literacy and effective communication. Shri Jain said that Madhya Pradesh should adopt 5 - C approach of content, capacity, community, communication and collaboration for financial inclusion. He said that there is a need to focus on strengthening the regional rural banks.
Vice Chairman of Atal Bihari Vajpayee Institute of Good Governance and Policy Analysis Prof Sachin Chaturvedi said that a unique beginning was made in the state by establishing the institute in the year 2007. Economic growth is today's a very important topic. Efforts are being made at a fast pace by the institute for this.
The role of banks is very important in the goal of making India a 5 trillion dollar economy. He also stressed on increasing institutional finance, micro finance, digital transactions, increasing the participation of women self-help groups along with linking them with micro finance.
The Chief Executive Officer of the Institute, Smt. G.V. Rashmi said that the Financial Inclusion Index has been prepared for the financial years 2019-20 and 2020-21. The indices cover matters of progress in financial inclusion in the state and demand and supply indicators. To measure the level of financial inclusion, access, access dimensions and barriers to access to financial services have been used. The index has been assigned a score of zero to one on various aspects of financial inclusion. The state has improved its financial inclusion score from 0.238 to 0.283 in the last 2 years. The guests were honoured with mementoes in the programme.