Financial inclusion is possible when the policy, mindset, philosophy and frame work are established

HYDERABAD, India - Aug. 13, 2013 - PRLog -- Hyderabad, August 13, 2013: As a part of its on-going efforts to enhance the knowledge on various economic aspects of domestic as well as global market, Dun & Bradstreet, the world’s leading provider of business information, knowledge and insight and Andhra Bank organized a seminar titled ‘Financial Inclusion Conclave 2013’ in Hyderabad today. The other partners to this event included Canara Bank, BSE Investor Protection Fund and Micro Finance Institutions Network.

Financial inclusion has a critical role to play in India’s growth story. Capital formation through credit and financial services is necessary for inclusive and sustainable growth and a well-functioning financial system is important for socially inclusive growth. The Financial Inclusion Conclave brought together all the key stakeholders – Government, Banks and Regulators to highlight the opportunities and critical challenges currently faced. The objective of the conclave was to understand how stakeholders co-exist to make the economy financially inclusive and effectively reach the bottom of the pyramid.

Speaking at the event, Ms. Preeta Misra, Director–Learning Solutions, Dun & Bradstreet Corp said, “Financial inclusion has been accorded high importance to aid the inclusive growth process for any economy. In this regard, D&B India has undertaken various capacity building initiatives for Micro, Small & Medium Enterprises and has conducted over 250 programs across different clusters. In fact, D&B manages the world’s most valuable commercial database with information on more than 220 million plus companies. Of this, over 80% of the database consists of small businesses. D&B India has over 10.3 million records in its database of which 90% consists of the small and medium enterprises. Through seminars such as the Financial Inclusion Conclave, D&B will continue to be committed to this sector and the development of MSMEs.”

Elaborating on the need of Financial Inclusions Mr. Ponnala Lakshmaiah – Hon’ble Minister for I.T. Electronics & Communications Govt. of A.P said, “Wealth Generation and equitable distribution should be coupled together as a theme for any country regardless of the state of economy. The mindset of the policy maker has to be to keep the common man in mind while targeting high growth. It starts with concern there by commitment & a philosophy.”

Expressing his view on event theme ‘Journey Ahead: Tie-in Social Obligation & Business Opportunity’, Mr. B.A. Prabhakar-Chairman & Managing Director of Andhra Bank said, “RBI wants financial inclusion for inclusive growth but 50% of the villages in the country do not have any financial services. Banks must use ICT enabled services to reach out to rural masses to increase financial literacy. Banks must conduct camps / set up more centers in villages to reach out to common people.”

Giving his insights on Aadhar linked Financial services  Mr. M. V. S. Rami Reddy – Deputy Director General, Hyderabad Region Unique Identification Authority of India , Govt. of India said “Out  of 8.46 cr  population in A.P, 8.35cr have enrolled  for Aadhar and we have issued more than 6cr  cards already. By Nov 2013 A.P. will have 100% coverage.  Aadhar has become a financial address for all and it must be linked to all financial services for inclusive growth.”

Highlighting the role of technology in Financial Inclusion, Mr. Ashishkumar Chauhan, MD & CEO, BSE Ltd. said “There is an immense potential for technology driven Financial Inclusion in a country like India with a billion plus population. BSE is contributing its part by directly educating the investors across India through its vast network and has conducted more than 2800 programs in the last 2 years”

Other eminent speakers present at D&B Financial Inclusion Conclave were A.D.M.Chavali, Executive Director, Indian Overseas bank , Mr. R.N. Dash – GM, RBI, Mr. V.B. Bhgavathi –GM- Andhra Bank, Mr. Alok Prasad, CEO-MFIN, Mr. G.S. Iyer –GM-Canara Bank, Mr. Kumara Swamy – DGM-SBH, Mr. Guru Harinadh Rao-DGM Corporation Bank

Other eminent speakers present at D&B Financial Inclusion Conclave were A.D.M.Chavali, Executive Director, Indian Overseas bank , Mr. R.N. Dash – GM, RBI, Mr. V.B. Bhgavathi –GM- Andhra Bank, Mr. Alok Prasad, CEO-MFIN, Mr. G.S. Iyer –GM-Canara Bank, Mr. Kumara Swamy – DGM-SBH, Mr. Guru Harinadh Rao-DGM Corporation Bank