Monetary inclusion essential for inclusive enlargement: LG

Jammu, Feb 11: Lieutenant Governor, Girish Chandra Murmu launched
the Financial Inclusion Outreach Campaign on Tuesday with special focus on
extending banking services to all unbanked areas, Opening of bank accounts for
unbanked adults under PMJDY with RuPay Cards, Enrolments under PMSBY &
PMJJBY, Outreach for Mudra Yojna, Housing Loans, Other Retails Loans etc.,
Credit Linkage with SHGs, RSETIs and other Skilling Centres in J&K and
Issuance of KCCs to all eligible beneficiaries.

During his address, the Lt
Governor observed that promoting financial inclusion means taking actions which
result in expanding peoples’ access to the services offered by the formal
financial sector.

He said that the issue of
promoting the inclusion of peoples’ economic activity into the financial system
has profound consequences.

“It not only caters to the broader
economic agenda of allowing a wider range of people, especially those in lower
income groups, access to financial services, adding to overall economic growth
but also is indispensable to the social agenda of reducing income inequality
and poverty by providing secure saving and credit facilities and seamless
access to social security, subsidies, and insurance schemes provided by the
Government,” he said.

In fact, empowerment of people
should not be restricted to political and social aspects but should also
transcend to the economic aspect, the Lt Governor maintained.

 “There are five main factors that go behind
the conceptualization of Financial Inclusion which are Financial Empowerment of
every Citizen, Formalizing the Economy, Enhancing National Productivity,
Bringing in Transparency and Optimization of National Resources. There is a
dire need to push this greater social cause by all the stake holders and there
is a great responsibility on our shoulders”, the Lt Governor added.

He called for optimum utilization
of resources so that common people could benefit from the financial activities
and schemes being extended by the Government. The Lt Governor also laid
emphasis on making the insurance sector more inclusive and vibrant in J&K,
which he said, is among the lowest in the country and its expansion could
change the socio-economic landscape of the region.

On the occasion, the Lt Governor
honoured 4 Self Help Groups, two each financed by J&K Bank and J&K
Grameen bank besides handing over the Sanction Letters to ten beneficiaries
from Jammu under Mudra, PMAY, MSE, Education and Housing finance.

Speaking on the occasion, Chief
Secretary, BVR Subrahmanyam talked about the UT Government’s plans to bolster
the J&K economy and meet the developmental goals. “Though much has been
done in this direction a long distance is still to be covered.” he said.
Shedding light on the genesis of the Financial Inclusion, he shared his
recollections about his experience of being involved with the project right
since its conceptualization. He highlighted the involvement of the Prime
Minister in the unprecedented project who ensured that it becomes a reality in
less than a year across the length and breadth of the country, surprising even
the experts. “I expect the banks in the UT of J&K to exhibit the same
spirit and achieve the national objective”, he added.

Financial Commissioner, Finance,
Arun Kumar Mehta said, “It has been the prudent vision of Prime Minister to bring
every citizen of the country in the fold of formal banking system, who would
get empowered and have a sense of economic security by being associated with
the basic banking system that also ensures their insurance at almost zero
cost”, adding that the concept of Financial Inclusion revolved around extending
benefits leading to financial empowerment and income generation.

Earlier in his welcome address,
the CMD J&K Bank (Convener JK UTLBC), R K Chhibber said that total
financial inclusion is the prerequisite for making the principle of sustainable
inclusive growth operational in the country’s economy.

The launching ceremony was
attended by Rajiv Rai Bhatnagar, Advisor to the Lieutenant Governor; BVR
Subrahmanyam, Chief Secretary; Arun Kumar Mehta, Financial Commissioner,
Finance; Dr. Pawan Kotwal, Principal Secretary to Government, Revenue
Department; Sanjeev Verma, Divisional Commissioner Jammu; R K Chhibber, CMD
J&K Bank (Convener UTLBC) and Thomas Mathews, Regional Director RBI
Regional Office Jammu, besides, senior government officers, representatives of
various banks & financial institutions and large number of people.

The function concluded with a Vote
of Thanks by Deputy General Manager, State Bank of India, Ajitav Prashar.

Read Full Coverage on: The Kashmir Monitor.
©2019 The Kashmir Monitor

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