Financial Inclusion Rate in Seven Districts Below State Average – The New Indian Express

By Express press service

BHUBANESWAR: Even though 4,060 panchayats (GPs) out of the 6,794 grams in the state do not yet have bank branches and large rural areas of the state lack banking networks, the Targeted Intervention Program on financial inclusion (TFIIP) in some of the aspirational neighborhoods is not satisfactory.

Gajapati, Kandhamal, Nuapada and Rayagada are the four districts out of the 10 aspirational districts that need to improve their performance by organizing financial education camps and increasing beneficiary enrollment in insurance and pension schemes sponsored by the government.

According to the latest report of the state level banking committee, Kalahandi district is so far below the state average in the number of registrations per lakh population under the Pradhan Mantri Jiban Jyoti Bima Yojana (PMJJBY). The district scored 6,015 compared to the state average of 6,405. Dhenkanal district topped the registration count by 12,435 (per lakh population).

Similarly, under Pradhan Mantri Swasthya Bima Yojana (PMSBY), four districts of Kalahandi, Koraput, Malkangiri and Nabarangpur and under Atal Pension Yojana (APY) six districts are below the state average in beneficiary registration .

An ambitious program of NITI Aayog, the Center launched the TFIIP to ensure maximum coverage of eligible persons under pension and insurance schemes. The Pension Funds Regulation and Development Authority (PFRDA) has set a target of 3,70,940 beneficiaries for APY membership in the current financial year.

The performance of commercial banks operating in the state has been unsatisfactory so far with regard to disbursement of the Financial Inclusion Fund (FIF). The National Rural Development Bank (NABARD) had earmarked Rs 32.26 crore under IFF for the under 20 state for 2021-2022. Although Rs 25.67 crore was sanctioned by different banks as of the end of March 31, 2022, only Rs 9.63 crore has been disbursed.

The FIF is intended to sensitize the staff of the Regional Rural Banks (RRBs) and Cooperative Banks on financial inclusion in a targeted manner, to train the commercial correspondents (CB) of the banks with institutional support and to provide support to the banks to the establishment of financial education centres. to educate people on financial matters.