Laying emphasis on Financial Inclusion Rural India

The fourth “Make in India” series held recently created huge public response catering to the core idea of creating awareness on the opportunities available to the micro & small level industries.”

World Trade Centre Goa, promoted by MVIRDC, in association with WTC Mumbai & the Government of Goa organised its fourth ‘Make in India’ series on Microfinance: financial inclusion a game changer at Ravindra Bhavan, Sanquelim, Goa. The program was attended in large numbers by around 120 local people.

The seminar was conducted by various bank representatives from the Small Industries Development Bank of India, State Bank of India, Syndicate Bank, HDFC bank, ICICI bank etc. Mr. Prakash Kamble, Lead District Manager, SBI and Mr. Saji K. Asst Mgr, SIDBI spoke on the topic of Financial Inclusion and various steps initiated by the Government of India in the same direction. Dr. Pramod Sawant, Hon’ble MLA, Sanquelim constituency, Mr. Vijay M. Kalinani, Asst. GM, SIDBI, Mr. Chandra Hasan Krishnan, Mgr, Syndicate Bank, Mr. Somnath Naik, Mgr, HDFC Bank, Mr. Manoj Patil, President, Goa Entrepreneurship Mentoring Services and other bank representatives were also present.

The main aim was to create awareness on the various financial inclusion schemes like the Jan Dhan Yojana, PM Suraksha Beema Yojana, PM Mudra loan scheme etc. among the people from the remote rural areas of N. Goa.

The respected speakers shed light on all of the above schemes that will help in the realisation of the benefits of Universal Financial Access 2020 framework and data model identified by the World Bank Group.

In her welcome address, Ms. Ambika Dhakhenkar, Asst Mgr, WTC Goa mentioned that WTC Goa, promoted by MVIRDC, in association with WTC Mumbai has initiated the “Make in India” series of programs to promote entrepreneurship, growth of MSMEs through various programs. The purpose includes creating awareness on various existing opportunities and highlights the potential of Goan MSMEs to the rest of the world.

Dr. Pramod Sawant, Hon’ble MLA, Sanquelim constituency commenced by congratulating WTC Goa, which is a renowned International trade body for taking proactive steps in reaching the remote locations of Goa to educate people with the extremely important knowledge of self sustenance.

This is a unique step taken by an organisation whose fruitful outcomes may be realised in the near future. Dr. Sawant also proclaimed that “Make in India” is an important concept, to be focused by every business house be it any scale from micro to small and further large, that will promote India as a fertile land to develop industrially and as an investment hub.

Mr. Prakash Kamble, Lead District Manager, SBI gave detailed overview on the Jan Dhan scheme, which aims to bring every citizen under the financial access. Goa, being one of the smaller state is extremely resourceful in terms of its climatic conditions and natural resources that compel it to play a larger role in increasing India’s GDP.

Mr. Kamble cited an example of a Goan special variety of mango called the “Mankurad”, which if exported along with its domestic supply could gain popularity with the likes of another variety known as the “Haapus” mango from Maharashtra.

Mr. Saji K. Asst Mgr, SIDBI spoke on the available MUDRA loan schemes and the benefits inclined towards promoting entrepreneurship at the lowest strata of the society. The importance of the ‘Shishu’ loan, which include loan application amount up to Rs 50,000/-, is the most seeked as it involves providing hassle free credit to a person intending to start a business at a small scale, especially the women and youth sections. The loans do not require any additional collateral, which is the most important factor to be highlighted provided certain conditions are met.

Ms. Ambika Dhakhenkar, Asst Mgr, WTC Goa presented the vote of thanks to The Government of Goa, eminent speakers, dignitaries, participants and media for the support.

While concluding the event she highlighted the fact that “as per NSSO survey (2013), there are around 5.77 crore small/micro units in the country, engaging around 12 crore people, mostly individual proprietorship/Own Account Enterprises. Over 60% of units are owned by persons belonging to Scheduled Caste, Scheduled Tribe or Other Backward Classes. Most of these units are outside the formal banking system, and hence are forced to borrow from informal sources or use their limited owned funds. MUDRA Loan Scheme has been proposed to bridge this gap.”


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