IDF workshop on NGOs role in Micro finance
Bangalore, Jun 3: The Initiatives for Development Foundation (IDF) has organised “vyapti", a workshop on the role and responsibilities of NGOs as Business Facilitators and Business Correspondents for accelerated Financial Inclusion on Tuesday.
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.
OneIndia News