Advertisement
Tuesday, Dec 07, 2021
Outlook.com
Outlook.com

Govt announces financial inclusion index, easy credit to MSMEs

Govt announces financial inclusion index, easy credit to MSMEs
outlookindia.com
1970-01-01T05:30:00+0530

New Delhi, Sep 25 (IANS) The government on Tuesday announced three initiatives to take banking to the last mile comprising a financial inclusion index, geographical mapping of banking services and hassle-free online loans for MSMEs valuing upto Rs 1 crore.

After an annual review meeting of the public sector banks, Finance Minister Arun Jaitley launched a common online platform for micro, small and medium enterprises (MSME) credit which will enable businesses to get loans upto Rs 1 crore approved through a completely automated process within just 59 minutes.

He said the MSMEs had been a matter of concern for the government being the sector that generates the largest number of employment opportunities.

Freeing credit to the sector from all forms of red-tapism would lead to quick disbursal of loans and help in the growth of MSMEs, the Minister said.

The government also announced a financial inclusion index, which would be released by the end of this year and would rate states on their performance on last-mile banking services availability.

Jaitley said the financial inclusion index would create an element of competition among states with each of them vying for last mile connectivity in banking.

Financial Services Secretary Rajeev Kumar said the index would be a measure of access to and usage of basic formal financial products and services including savings, remittances, credit, insurance and pension products.

The government also announced a banking services infrastructure locator app "Jan Dhan Darshak" which aims to to bring banking within reach of every citizens through over five lakh "banking touch points" comprising of bank branches, banking correspondents, ATMs, common service centres and post offices.

"The GIS (Geographic Information System) mapping of banking services will be a convenient method for any person to find the nearest banking touch point," Jaitley said adding this would complement the government's initiative of having banking services available within five kilometres of every household.

--IANS

vv-mgu/vsc/vm


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: IANS

More from Website

Jammu and Kashmir Administration Sets Forth Austerity Measures For The Promotion Of Fiscal Discipline

Jammu and Kashmir Administration Sets Forth Austerity Measures For The Promotion Of Fiscal Discipline

Financial Commissioner (additional chief secretary) Of Jammu and Kashmir, Finance Department Atal Dulloo has issued guidelines in a three-page order addressed to the government departments and autonomous bodies funded by the government and have further instructed the administrative secretaries to ensure compliance with the measures.

Afghanistan: Taliban Takes Vengeance Against Former Security Officials

Afghanistan: Taliban Takes Vengeance Against Former Security Officials

Afghanistan: Taliban has been accused by Human Rights Watch of killing or disapperaing more than 100 former Afghan security personnel,since they came to power in August this year. The actual number could be much higher said the human rights group.

Iraq: Explosion Rocks Southern City, Local News Reports Multiple Casualties

Iraq: Explosion Rocks Southern City, Local News Reports Multiple Casualties

According to the local reports, it was likely a car bomb that sent a column of black smoke into the sky at the southern Iraq's city of Basra.

More from Outlook Magazine

Diary | I Want To Fly: The Unrealised Dreams Of An Ex-Banker And Mother

Diary | I Want To Fly: The Unrealised Dreams Of An Ex-Banker And Mother

Kaveri Mishra, an ex-banker and a mother, turned into a full-time home-maker four years back. What holds her back every time she wants to return to her career?

India Needs Kabir Today More Than Any Other Time

India Needs Kabir Today More Than Any Other Time

The Mahindra Kabira Festival at Guleria Ghat in Varanasi was a gentle reminder of the Sufi saint’s centrality to India’s syncretism

Death Of Three Dalit Girls And A Story Of Pain And Humiliation

Death Of Three Dalit Girls And A Story Of Pain And Humiliation

Family from UP village forced to run around to complete post-death official paperwork and even last rites.

Advertisement

Outlook Newsletters

Advertisement
Advertisement