"Microfinance: A Panacea for financial Inclusion? If so, how to get there?" was the theme of the 2nd Great Lakes - Union Bank Conference on Financial Inclusion on August 12, 2011.
The Financial inclusion is the process of ensuring access to timely financial services and adequate credit needed by vulnerable groups such as weaker sections and no income groups at an affordable cost.
And who else can be a better pioneer to pilot a calibrated approach to financial sector reforms other than
Dr. Y.V. Reddy former governor, Reserve Bank of India. He has served as the twenty-first Governor of Reserve Bank of India from 2003 until 2008 and has been awarded India's second highest civilian honour, the Padma Vibhushan. As quoted by Joseph Stiglitz "If America had a central bank chief as Dr. Y.V. Reddy the U.S. economy would not be in such a mess."
The financial inclusion conference also honoured
Mr. S.C. Kalia (Executive Director, Union Bank of India) who emphasized on the concept of financial inclusion and micro financing. He also focused on inclusive growth through formal and informal means; biometric, mobile banking and smart card technology equally emphasized the role of partnership with banks. He concluded by focusing on the role of inclusive growth and tailored approach in case of specific areas.
Dr. Y.V. Reddy explored the concept of financial inclusion on definite pillars- one encapsulating the problems faced by women at the villages having a proper place to safe keep their money and second the problems that dealt with the vertical mobility of money. He also projected the various financial models and laid importance on, specifying the decision of choosing the right model on the basis of its cost and also that MFI's are an extension of individual branches of bank and not a bank in itself. He envisioned the role of legislation and regulation as a strong foundation to every financial body levying due credit to each measure on its ability to be quantifiable, defensible and that can be allocated.
After a packed session of knowledge and deeper insights into Micro financing with financial inclusion at large, the executive director of Great Lakes Institute of Management, Prof. Sriram concluded the conference. He thanked the key speakers of the conference Dr. Y.V. Reddy and Mr. S.C. Kalia for their incomparable insights and experiences. Their humility to share their apprehensions and success on the same platform leveraged the whole experience of the 2nd Great Lakes- Union Bank Financial Inclusion.
For photographs of the Financial Inclusion Conference please visit the link - https://picasaweb.google.com/1121411772 ... onference.
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