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inputs in bulk, aggregate commodities produced by small farmers, add value and market them.NABFINS partners
with existing institutions like NGOs, cooperatives, federations of SHGs which act as BCs. NABFINS has named them
Business and Development Correspondents. This is because NABFINS is convinced that credit alone is inadequate to
bring poor, out of poverty and therefore other supporting services are required.
YES Bank’s Initiatives:
Additional research reveals that banks like YES Bank could create a specialized division
‘Inclusive&Social Banking’ (ISB) for implementing the Financial Inclusion Plan (FIP).This division aims to create viable
business models for providing comprehensive financial services to the ‘Bottom-of-the-Pyramid’ in a commercially viable
and sustainable manner. Inclusive & Social banking division is currently experimenting with various models of pro-
viding direct micro-credit in urban, semi-urban and rural settings across various geographical and socio-economic
contexts. It also offers micro-insurance and micro-savings services to its customers.
Coverage of Migrants and Role of UID:
One major reason, among others, for the financial exclusion of migrants
is lack of possession of any personal identification documents either in the form of an address proof or an identity
proof. The roll-out of Unique Identification—UID or AADHAR cards—by the Government of India is considered
as a game changer in establishing their identity to the banks and boost efforts in banking the excluded. In the report,
coverage of UID or AADHAR card’s contribution in speeding up of financial inclusion is suggested.
Role of Gramin Vikas Trust:
Gramin Vikas Trust (GVT), has made an utmost attempt to bring targeted tribal
community/Wadi families under the aegis of financial inclusion by enabling them to access the wide range of financial
services like, savings, credit, pension, insurance, remittances, KCC, GCC, financial literacy to these tribal families
based on systematic linkages, coordination with the local bank branches. Members recommended sharing the model
of GVT in the report.
Members recommended referring to MIX data and its knowledge products which are based on market analysis and
research on the microfinance sector.
Micro-finance Institution Development and Regulation Bill:
Referring to the long pending Micro-finance
Institution Development and Regulation Bill (MFIDRB) 2012, members felt the need of its clearance from the
parliament.
Finally, members suggested that the success and failure cases of various initiatives being undertaken by many
proactive institutions may be collected and included in appropriate chapters, which will enable the reader to take some
lessons out of it and replicate in their area.
