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Sunday, September 5, 2010

Financial Inclusion by "MANREGA Plus"

Financial Inclusion by "MANREGA Plus" 
Proposed Micro finance scheme for MANREGA account holders

Financial inclusion is the availability of banking services at an affordable cost to disadvantaged and low-income groups. In India the basic concept of financial inclusion is having a saving or current account with any bank. In reality it includes loans, insurance services and much more.

The Finance Minister had announced in Budget 2010-11 that, "To reach the benefits of banking services to the 'Aam Aadmi' (common man), the RBI had set up a high-level committee on the lead bank scheme."The bank under financial inclusion initiative has planned to cover 50,000 unbanked villages during 2010-11 which will take total reach to 1,50,000 villages," a senior official of SBI said.

The bank plans to do so with the help of business correspondents. It has planned to hire 15,000 business correspondents for the same. These correspondents would aid the villagers in opening bank accounts.

Subject of Idea-
Financial Inclusion by "manrega plus" 
Proposed Micro finance scheme for MANREGA account holders 
Details of Idea-

- -Personal loan scheme to weaker section of society (manrega a/c holders) for our bank. - rate of intt.- 4 percent P.A.( PRIORITY SECTOR LENDING ) 
 ---loan amt.- Rs 5000/ (for purches of solar cooker,solar lalten ) micro insurance for items, and life insurance of borrower included in loan amt.(amt.insured-Rs 5000/ for items and borrower life) 
 -- -Repayment in 5 years(instalment amt.comes about Rs70/ to 80/ p.m. IF MP govt.grant 50 percent subsidy in items then its comes to Rs35/ to 40/)
 - -mode of payment to suppliers-by draft or B.C.
-process fees-nil
-inspection charge-nil
-documents-simple application with agrement and arrengment letter

How the Idea will bring improvement in India-

To achieve financial inclusion target ,Priority sector lending ,Micro credit ,Micro insurance target. 
To resolve Energy crisis, carosin crisis,LPG crisis.
Easy loan to manrega a/c holders.and its generate new employment opportunity.
By this scheme we get training opportunity for machanic of this field. 
To increse profitabilty and image building of our Bank
Implimentation of 100% financial inclusion in sbi.
To promote p-segment loan by personel loan to weaker section of society.
Automatic application generation for sbi-Rseti .
Growth in profibility with less formality.
Easily and reliable asset creation.
MANREGA PLUS scheme will change the social dynamics of India through SBI 
Proposed by Jai Prakash Pandey
Director, Rural Self employment Training Institute, Umaria
Mob- 9425852221


  1. Thank you for your suggestion. We shall examine it.