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| NABARD organizes seminar on financial inclusion | | | EARLY TIMES REPORT
JAMMU, JAN 3: The National Bank of Agriculture and Rural Development bank (NABARD) organized ‘State Level Seminar on Financial Inclusion here today.
M R Garg Deputy General Manager Reserve Bank of India, Managing Directors of the Jammu State Cooperatives Bank and District Cooperative Banks, Chairman of Regional Rural Banks and officials from the State Bank of India, Punjab National Bank, Jammu and Kashmir Bank Ltd and officials from the Life Insurance Corporation of India and Non Government Organisations.
The purpose of the seminar was to sensitize the financial institutions to initiate steps to ensure access to financial services and timely adequate credit facilities weaker sections and low income groups at affordable costs under “National Mission of Financial inclusion”.
On the occasion stressed that despite expansion of the banking network after the Nationalisation of banks and opening of financial service sectors to various institutions, vast segment of the country particularly in the rural areas are excluded from the financial services. He said there is need for effecting improvement within the existing formal credit delivery banking mechanism to increase the credit aborption capacity especially amongst marginal and small farmers, poor non-cultivators. He also said that under National Rural Financial Inclusion Plan two funds namely ‘Financial Inclusion Fund’ and “Financial Inclusion Technology Fund’ with a corpus of Rs. 500 crore each, have been housed with NABARD. Financial assistance from these funds will be given to banks, NGOs and other agencies for capacity building training programmes and to adopt appropriate technologies such as bio-metric smart cards and mobile hand electronic equipment for receipt and disbursement of cash.
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