Microfinance institutions crucial for financial inclusion, says Assam IAS officer
Laya Madduri, Secretary, Government of Assam said that financial inclusion is a critical issue that demands our attention. Microfinance institutions play a crucial role in filling the void to provide financial services in rural areas.
Madduri at the 2nd National Summit on Financial Inclusion — “Accelerating Tech-Driven Financing to the Unbanked.” The national summit was organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) in Guwahatiunderscored, «Even those with access to financial resources often lack clarity on saving for the future.
This is a concern we must address, especially for the rural population.»
Madduri discussed challenges faced during the implementation of a housing scheme a decade ago. She emphasised, «Creating an ecosystem that facilitates financial transactions, especially in rural areas, is vital for inclusive growth.»
Addressing challenges in Assam's tea gardens during demonetisation, Madduri stressed the need for increased awareness and confidence in digital transactions.
She stated, «Improved banking penetration is essential to ensure the success of initiatives transitioning to online transactions.»
She linked financial inclusion with climate change resilience. Recognising Assam's vulnerability, she stated, «Financial services, including insurance, play a crucial role in improving resilience and mitigating the impact on rain-fed agriculture.»
Pramod Rao, Executive Director, Securities and Exchange Board of India (SEBI) emphasised technology's pivotal role in financial inclusion during the summit.
Collaborating with entities like Ispirit, he highlighted their impact on lending opportunities in government e-marketplaces. Rao stressed finance as a growth engine,
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