More than 19 per cent of the population in the country is still unbanked or financially excluded, says World Trade Centre (WTC) Goa.
The organisation is all set to hold its second ‘Make in India’ programme on ‘Microfinance: A Game Changer for Financial Inclusion’ here on June 24.
The programme is promoted by MVIRDC in association with WTC Mumbai, Micro Units Development & Refinance Agency Limited (MUDRA Bank), Reserve Bank of India (RBI) and The International Centre of Goa (ICG).
MUDRA Bank, a part of the 2015-16 Union Budget proposals announced by the Finance Minister, acts as a tool to ‘fund the unfunded’. Microfinance institutions (MFI’s) play a significant role in promoting financial inclusion by catering to the financial needs of Microenterprises, Start-ups and Women Entrepreneurs.
Although there are around 69 MFI’s registered as Non-bank financial companies (NBFCs) with the Reserve Bank of India, the country still has 233 million people (more than 19 per cent of the population) who are unbanked or financially excluded.
MicrofinanceTherefore, through this programme experts will be sharing their insights on Microfinance and policy initiatives which can benefit participants in getting finance.
The experts to participate in the event include Jiji Mammen, CEO, MUDRA, Jaikish, General Manager & Officer-in-Charge, RBI - Goa Regional Office, Manguirish Pai Raiker, MSME Board Member & Advisor, WTC Goa.
According to the PMMY Report from MUDRA Bank, the amount sanctioned under Pradhan Mantri MUDRA Yojana (2015-2016) for Goa is ₹399.33 crore of which, 376.04 crore has been disbursed.
For the year 2016-2017 ₹33 crore has been sanctioned. This shows that there is an imperative need to create awareness on the available monetary schemes.
The event will deliberate on the role of MFIs in realisation of financial inclusion and different schemes available with the financial institutions for the MSMEs.