Before proceeding on financial inclusion it is important that we map and identify who are India’s financially unincluded. Currently, in India there is an overdrive on financial inclusion with both the Prime Minister as well as the Reserve Bank of India undertaking significant efforts such as the Prime Minster’s Jan Dhan Yojana (PMJDY), the Reserve Bank of India mandating all banks to ensure that atleast 40% of their lending impacts the priority sector or the base of the pyramid. However, do these schemes really impact the base of the pyramid? Are these schemes successful in reaching the poorest of poor and financially including them?
The 200 million accounts opened under PMJDY, one needs to map them by geography & demographics and understand how many of these 200 million individuals also have the same target audience of other Government subsidy schemes like LPG, ration card, NRLM, MNREGA, etc? Are the Jan Dhan 200 million also reflecting in the NBFC-MFIs database? Are the Jan Dhan 200 million also a part of the Nabard’s Kisan Credit Card schemes or members of Self Help Groups (SHGs) that receive credit support from banks? Such questions need adequate focus and support and need to be answered if genuine, meaningful financial inclusion needs to happen.
Empower Our India deeply believes in helping create a network of grassroots organisations that work with the poorest of the poor and strengthen these organisations to act as catalysts to achieve 100% financial inclusion by 2020.
