Financial Inclusion is the process of ensuring access to financial services at affordable costs by vulnerable groups such as weaker sections and low income group. The financial services include savings, micro credit, micro insurance, remittance facilities etc. From business perspective, it is a huge opportunity to expand the market share.
NGOs and MFIs working with large mass base of un banked population can take on the role of either Business Correspondent or Facilitator. Involvement of NGOs equipped with suitable IT solutions brings in the necessary scale for accelerated financial inclusion. The banks provide smart card – hand held device and training to NGOs to play their role effectively.
However many NGOs are not aware about the process of financial inclusion partnering with banks as Business Correspondent/ Facilitator. The workshop will address to these issues and attempts to bring in operational clarity, besides forging working relationships.
Managing Trustee of the foundation Vivekananda N. Salimath told media persons that 51 per cent of farmers were financially excluded from formal and informal financial sources. The one-day workshop will be inaugurated by Devaki Muthukrishnan, Regional Director, Reserve Bank of India.