Finance Ministry to launch campaign for financial inclusion

The Finance Ministry will run a special financial inclusion campaign from October 15 to November 26 at the Gram Panchayat level in seven districts across India.

The districts include Cuttack, Odisha; Aurangabad, Maharashtra; Pune, Maharashtra; Kakinada, AP; Kaushambi, UP; Datia, MP; and Barpeta, Assam.

It will focus on achieving saturation in respect of bank accounts, insurance/pension schemes for eligible individuals, and distribution of loans to Farmer Produce Organisations (FPOs), SHGs (Self Help Groups) for establishment of Cold-Chain infrastructure. Another focus area is mobile/Aadhaar seeding of existing accounts with special emphasis on turning small accounts into normal ones by doing full KYC (Know Your Customer).

Besides, the campaign will also focus on expanding the coverage of MUDRA (Micro Units Development & Refinance Agency Ltd), & KCC (Kisan Credit Card) penetration for persons engaged in animal husbandry, dairy & fisheries, and bringing SHG members within the ambit of FI ecosystem of the country. The Reserve Bank of India’s Financial Inclusion Index improved to 56.4 this March, from 53.9 a year ago.