The pursuit of financial inclusion in India’s vibrant North Eastern states took center stage at the Central Level Coordination Committee Meeting, “Driving Financial Inclusion in the North East,” held in Agartala. Secretary of the Ministry of Rural Development, Shri Shailesh Kumar Singh, addressing the participants through video conferencing, underscored the pivotal role of banks in harnessing the vast opportunities offered by the eight sister states, renowned for their natural beauty and abundant resources.
Chaired by Additional Secretary, Ministry of Rural Development, Shri Charanjit Singh, the meeting focused on devising strategic actions to enhance financial inclusion in the North East, a region synonymous with prosperity, known as the ‘Ashta Laxmis’ (Eight Goddesses of Wealth). The paramount objective was to universalize financial inclusion initiatives and foster the growth of women Self-Help Groups (SHGs) across the country, an initiative bolstered by the Deendayal Antyodaya Yojana – National Rural Livelihood Mission (DAY-NRLM).
Highlighting the tremendous success of DAY-NRLM, Additional Secretary, Shri Charanjit Singh, accentuated the mobilization of 9.87 crore rural women into 90 lakh Self-Help Groups. These groups have accessed a substantial credit amounting to Rs. 7.65 Lakh crore from the financial sector, demonstrating commendable loan repayment with an NPA of approximately 1.7%. The creation of over 3 lakh Community Resource Persons has facilitated linking these women SHGs to various financial services. Moreover, the deployment of 40,353 Financial Literacy Community Resource Persons and 1,18,300 Banking Correspondent Sakhis and Bima Mitras in rural areas has significantly broadened the penetration of financial services.
Shri Charanjit Singh emphasized the transformative role of SHGs, stressing on individual credit provision to SHG women. This approach aligns with Prime Minister Shri Narendra Modi’s vision of empowering 2 crore ‘Lakhpati Didis’ (women entrepreneurs).
Addressing the untapped potential in the North East, Joint Secretary of Rural Livelihoods, Ms. Smriti Sharan, highlighted the necessity of leveraging the region’s resources while addressing issues of gender disparity. She emphasized the crucial role of financial freedom in bolstering female labor participation.
The meeting witnessed insights from senior executives representing banks, the Reserve Bank of India, the Department of Financial Services, the Ministry of Finance, DONER, NABARD, as well as CEOs/SMDs of other State Rural Livelihood Missions. Each shared perspectives on augmenting access to financial services in the North Eastern region.
Director of Rural Livelihoods, Shri Raghvendra Pratap Singh, who concluded the 24th CLCC meeting, emphasized that financial inclusion stands as a linchpin in expediting development actions in the region. He reiterated the significance of a robust financial framework in driving the region’s socio-economic discourse forward.
The meeting served as a pivotal platform to reinforce strategies, recognize achievements, and galvanize collaborative efforts towards fostering financial inclusion, thereby nurturing the aspirations and growth of the North Eastern states.