Financial Inclusion

Indian economy in general and banking services in particular have made rapid strides in the recent past. However, a sizeable section of the population, particularly the vulnerable groups, such as weaker sections and low income groups, continue to remain excluded from even the most basic opportunities and services provided by the financial sector. In order to address the issues of financial inclusion, the Government of India constituted a Committee on Financial Inclusion� under the Chairmanship of Dr. C. Rangarajan. The Committee submitted its final report to Honorable Union Finance Minister on 04 January 2008.

The Committee on Financial Inclusion has defined Financial Inclusion as "the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost.

Among other recommendations, the Committee has recommended setting up of two funds - Financial Inclusion Fund (FIF) and Financial Inclusion Technology Fund (FITF). The two funds have been established with NABARD which is the coordinating agency of Financial Inclusion initiatives with Financial Inclusion Department (FID) as the nodal department.
Under this services Lead Bank and others Banks operating in district are trying to cover maximum villages under this program by providing the services at villages level through its business correspondent ( Who is villages level computer literate persons providing shall provide all financial services Narega Payment , Daily Deposit , Daily recovery and follow up and processing of small loans opening of new a/c through business correspondent , Business facilitators.

State Level Bankers' Committee (SLBC) STATE LEVEL BANKERS' COMMITTEE RAJASTHAN

Bank of Baroda is convenor of SLBC in Rajasthan. The Chairman and Managing Director of Bank of Baroda is the ex-officio Chairman of the Committee.

The SLBC is located in the Zonal Office of Bank of Baroda, Zonal Office, Anand Bhawan, IVth Floor, Sansar Chand Road, Jaipur.

The basic philosophy of the Committee is to secure co-ordination amongst the Banks, Government and other development agencies. The SLBC is pioneer forum in ensuring timely and adequate credit to Agriculture non-farm sector and other priority in Rajasthan in a co-ordinated manner.

This has helped a lot in enhancing development level of the State particularly in last 2 and half decades.

Simultaneously the forum is also been effectively instrumental in implementing the Government Sponsored Schemes so much so that various agencies look forward us for sorting out various issues which impede the process of development.
1. SLBC is an inter-institutional forum for co-ordination and joint implementation of Development programmes and policies by all the financial institutions / Government agencies in the State.

SLBC, Rajasthan
1. The responsibility of SLBC Convenorship in Rajasthan is with Bank of Baroda.
2. This forum came into existence in the year 1978-79.
3. They are three sub of committees of SLBC
4. Sub-Committee of SLBC for MSME
   Sub-Committee of SLBC for R-SETIS
   Sub-Committee of SLBC for Underbanked District/Block

SLBC and lead bank jointly work for development of district / State by providing financial services particularly poor weaker section, minority, SC/ST , Agriculture farmers.

Role of Nabarad

Promote sustainable and Equitable Agriculture and Rural Prosperity through Effective Credit Support, Related Services, Institution Development and Other Innvoative Initiatives. Providing subsidy for e.g. Agriculture and rural development ( Animal husbandry and farm mechanization )Preparation and monitoring potential link financial development and all poverty elevation program. Having its district development office at kota.

JHALAWAR RUDSETI (Rural Development and Self Employment Training Institutes) : : RUNNING BY PUNJAB NATIONAL BANK

FLCC : FLCC (Financial Literacy cum Credit Counseling Centre) : FLCC was working since 28-11-2011 which was inaugurated online by Honorable Finance Minister Mr. Pranab Mukherji on 21 Dec’2011.
Address :
Room 151-52 Mini. Secretiate , Jhalawar
Tel No. 07432-230216