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Bhopal City
Madhya Pradesh becomes roll-model for financial inclusion in country
11-08-2014

BHOPAL: The Central Government has been implementing Madhya Pradesh’s financial inclusion model ‘Samriddhi’, through which benefits of various government schemes to villagers are being transferred directly in their bank accounts by ultra small banks, throughout the country as “Sampoorn Vittiya Samaveshan Yojana”.

It was decided in Madhya Pradesh’s model that banking facilities under financial inclusion should be provided to villagers within 5 kilometres. For this, 14,697 villages were identified where banking services were not available within 20 to 70 kilometres. A drive was launched to open 2998 ultra small banks. These banks were opened in 2400 small villages have transacted business worth Rs 1800 crore.

Apart from routine daily banking facilities, needy persons are also easily getting benefits of beneficiary-oriented schemes of the Union and state governments in rural areas of the state now.

Benefits of various Central government schemes including pensions for BPL families, senior citizens, destitutes, disabled persons and widows and state government’s economic assistance and pension are being deposited directly in beneficiaries, accounts in ultra small banks in villages. These include scholarships, amounts of school dresses, cycles for students and Janani Surkasha Yojana through Samagra Portal.

For running ultra-small banks, local villagers are appointed as business correspondent by the banks. These banks have been opened in Gram Panchayat buildings and E-Panchayat rooms so that villagers may trust them easily. Ultra-small banks are being established at very low cost due to easy system of information technology and small equipments.

Used for running the banks, hand-held devices can be carried anywhere easily. According to immediate requirement, USBs reach the villagers' homes and fields too and make available the facilities to villagers in opening accounts and in payments. With this unique system, benefits of banking facilities are reaching the blind, weak and old villagers at their home easily.

“Samriddhi” financial inclusion model developed by Madhya Pradesh has been praised in the country. Due to its success, this unique model of Madhya Pradesh has drawn attention of many states of the country and their delegations have been reaching here to study the processing system of ultra-small banks.

“Samriddhi” model’s immense success has also belied banks’ assumption that opening bank branches in rural areas is not beneficial. Now, all banking majors are competing with each other to open ultra small banks in rural areas of Madhya Pradesh. Keeping these facts in view, the Central Government has decided to implement the Madhya Pradesh model in entire country. United Nations Development Programme had released a report on success and evaluation of this financial inclusion model at a national workshop in New Delhi on January 24, 2014. Representatives had also praised the model at the workshop.

On the initiative of Chief Minister Shivraj Singh Chouhan, Mukhyamantri Gram Samriddhi Bhavan Yojana has been launched under which 1000 new bank branch buildings each costing Rs 10 lakh are being constructed with cooperation of concerning Gram Panchayats. The state government has provisioned Rs 100 crore for the scheme.

So far, sanction has been granted to 31 Gram Panchayats to construct buildings. Panchayats & Rural Development Minister Gopal Bhargava inaugurated this scheme online recently. As a result of financial inclusion, state’s District Cooperative Banks have also been connected with NEFT system.

Now, amounts payable to beneficiaries of social pension schemes, students’ scholarships and MNREGA labourers’ wages are being directly deposited in their bank accounts in or around their villages. Now, post offices in remote villages are also going to be connected with this modern payment system soon.