Financial Inclusion will lead to inclusive growth in Odisha : RBI Dy Governor

BHUBANESWAR: The financial inclusion will lead to an inclusive growth and it should be considered a business opportunity instead of a social obligation, deputy governor of Reseve Bank of India [RBI] Harun Rashid Khan said at a conference here.

Mr Khan said that the creation of basic infrastructure is also essential for expansion and diversification of banking services in the state. Adoption of appropriate technology coupled with dedicated human resource can make a dent in achieving total financial inclusion.

He emphasized on five As, Availability, Affordability, Accessibility, Awareness and Acceptability for the financial inclusion. Besides, he said that 4 Ps are required. A proper banking policy will help to create business opportunities and a good Process is important. The innovative Products will encourage people to be part of the banking process and People, people with dedication and business acumen are the greatest asset to expedite the process, he said.

In reply to a question, Khan said that the global financial turmoil will impact Indian economy to an extent, but the domestic economy is resilience to absorb all the upheavals. RBI is fully gear up to meet all the challenges, he said.
Speaking on the occasion, C.H. Narasimha Rao said that the financial literacy and technology play an important role in achieving the total financial inclusion.

NABARD chief general manager K. K. Gupta emphasized on the role of media in addressing the critical aspects of financial literacy and financial awareness in achieving total financial inclusion. He also spoke about the leveraging technology to make banking affordable.

Mr Gupta said that five areas are very crucial as far as financial inclusion is concerned. They are — right to have account, affordable credit in rural areas, and remittance from one place to another in efficient way, insurance services and pension services. Pilot projects on micro pension and micro insurance are also underway to include more and more people in the state. There is a need to expedite the process of financial inclusion in the future time to come, he remarked.