The study group constituted by the State Level Bankers’ Committee (SLBC) in Orissa has suggested development of appropriate credit products for common man to make the financial inclusion process more effective.
It has also suggested for putting a mechanism in place for clearing debts owed to the informal sources and strengthening the credit counseling functions by the banks. A small committee on financial inclusion was set up by SLBC to examine the study done by the Centre for Management Development (CMD) on behalf of SLBC Kerala on the impact of financial inclusion and map indebtedness of the farmers.
It was asked to examine the study completed in Kerala and assess its applicability in Orissa. The committee was headed by A K Sinha, Deputy General Manager (DGM) of the Reserve Bank of India (RBI).
The recommendations assume importance as nine districts in the state namely Cuttack, Ganjam, Puri, Raygada, Nayagarh, Keonjhar, Kendarapara, Angul and Balsore have already achieved total financial inclusion and 11 more districts are likely to achieve this milestone in next couple of months, sources said.
