Central Level Coordination Committee Strategizes 'Driving Financial Inclusion in North East' for Socio-Economic Development

The Secretary of the Ministry of Rural Development, Shailesh Kumar Singh, addressed participants in the Central Level Coordination Committee Meeting, emphasizing the crucial role banks play in the eight sister states of the North East. The meeting, chaired by Additional Secretary Charanjit Singh, aimed to analyze and strategize actions for enhancing Financial Inclusion in the region.

During the video conferencing session held yesterday, Shailesh Kumar Singh highlighted the abundant opportunities in the North East, characterized by its natural beauty and vast resources. The committee discussed ways to expedite socio-economic development in the region, also known as 'Ashta Laxmis,' with a particular emphasis on universalizing Financial Inclusion.

The theme of the meeting, ‘Driving Financial Inclusion in North East,’ underscored the objective of expanding Financial Inclusion activities and fostering the growth of women's Self-Help Groups (SHGs). Since the implementation of the Deendayal Antyodaya Yojana – National Rural Livelihood Mission (DAY-NRLM) under the Ministry of Rural Development, the SHG movement has witnessed remarkable success.

 Charanjit Singh provided insights into the progress, revealing that 9.87 crore rural women have been mobilized into 90 lakh Self-Help Groups. These groups have accessed approximately Rs. 7.65 Lakh crore in credit from the financial sector, maintaining an impressive loan repayment rate with a Non-Performing Asset (NPA) ratio of around 1.7%. Additionally, over 3 lakh Community Resource Persons have been developed to link SHGs with various financial services.

Highlighting the role of financial literacy, Charanjit Singh mentioned that 40,353 Financial Literacy Community Resource Persons and 1,18,300 Banking Correspondent Sakhis and Bima Mitras are actively working in rural areas to enhance the penetration of financial services. He emphasized the transformative impact of SHGs, contributing to the realization of Prime Minister Narendra Modi's vision of empowering 2 crore Lakhpati Didis.

Ms. Smriti Sharan, Joint Secretary of Rural Livelihoods, stressed the untapped potential in the North East and the need to address gender discrimination. She emphasized the importance of financial freedom in boosting female labor participation in the workforce.

The meeting saw the participation of senior executives from banks, the Reserve Bank of India, the Department of Financial Services, the Ministry of Finance, DONER, NABARD, and CEOs/SMDs of other State Rural Livelihood Missions, who shared their perspectives on increasing access to financial services in the North Eastern region.

The 24th Central Level Coordination Committee meeting was summarized by Director of Rural Livelihoods, Raghvendra Pratap Singh, who underscored the instrumental role of Financial Inclusion in expediting development in the North East.