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Kerala achieves financial inclusion in all its villages
Submitted by mffocus on Mon, 10/03/2011 - 22:43
Microfinance Focus, October 3, 2011: Speaking at an event organized by State Level Bankers' Committee (SLBC) in Thiruvananthapuram, Kerala, Chief Minister Oommen Chandy announced that Kerala now has a banking facility in all its villages.
Kerala was declared a financially inclusive state in December 2007. At least one member in every household of the state had a bank account.
According to an Economic Times report, The Reserve Bank of India directed that the plan be extended to provide banking facilities in all districts with a population above 1,000. As such, 127 districts were identified and a bank branch or mobile bank or banking councillor appointed there.
But the process was not yet complete as it would require extension of credit and insurance facilities to all those held accounts for the inclusion plan to be fully effective, Lead Bank officials reported to have said.
Palakkad was the first district in the state to achieve total financial inclusion in 2007.
Kerala achieves financial inclusion in all its villages
It is heartening to note that Kerala was declared a financially inclusive state in December 2007. At least one member in every household of the state had a bank account.
In that case by now in September 2011, after 45 months, other adult members of each household too should have bank account and access to banking services, viz. savings and credit to almost all and remittance & insurance to others too in particular. Merely having a bank account does not serve the enshrined objective. Of course, to have bank account is a first step towards making use of banking services & facilities to promote & accelerate socio-economic upliftment of households, community/society and the geographical area focusing inclusive growth. It is opportune time for SLBC to comprehensively evaluate the impact of Kerala having declared a financially inclusive State/attained a financial inclusion as what RBI/CGAP desires. Dr Amrit Patel, Edison, NJ 08837 USA[732-553-0825]
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