Madhya Pradesh becomes roll-model for financial inclusion in country
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
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
“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
“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.