“Lack of consistent income is the main reason most people are excluded from financial inclusion”


Most of the people are still not included in financial inclusion due to lack of constant income and there is a need to spread financial awareness and generate income for them to include more people in the formal financial system, a Nabard chief executive Goverdhan Rawat said on Wednesday.

Rawat was speaking at a meeting on the financial inclusion program held in Aurangabad on Wednesday.

Sixteen vans are being provided by the National Bank for Agriculture and Rural Development (Nabard) to educate the population, which will display government schematics and bank facilities. Of these 16, four were inaugurated in Aurangabad by the Union Minister of State for Finance, Bhagwat Karad.

Rawat said, “We need to raise awareness to increase participation and bring financial inclusion to 100%. We have organized around 7,000 camps this year in Maharashtra. Rural and cooperative banks have helped a lot in this regard. We also handed over different tools to banks for the same. ‘On why most people are still outside financial inclusion, Rawat said,’ One of the reasons for people being financially excluded is that they do not have a regular or constant income. Until they have such an income, they will not think about insurance products or investments. ” He added that there should be efforts to generate income for them through initiatives so that ‘they become financially included.

We are trying to stop the rainwater by developing watersheds using scientific methods in the state. These 43 projects are currently underway in the state and our main focus is Marathwada. We are also trying to give income to remote people through the tribal development fund, ” Rawat said.

He added that financial inclusion can be taken into account by including self-help groups and agricultural production enterprises. “Bank branches should try to connect 10 to 15 new clients through camps every month.” ‘

(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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