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Started by : Rashmi Patil, Financial services   10 23 2009 10:28:57 +0000
Industry : Asset ManagementFunctional Area : Strategy Execution(Strategy & Execution)
Activity:  31 views;  last activity : 07 06 2010 20:18:09 +0000

The majority of the world’s poor live in rural areas. And rural areas are the places were people are getting help from financial services. Most lack access to the range of financial services they need. These poor rural peopleare struggling to get financial help for their living. How to improve financial services in rural areas?

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1 2 3 4
1 Making use of existing institutional infrastructure
2 Technical innovations
3 Follow the artiya way
4 Promoting the rural indutry

Making use of existing institutional infrastructure

idea posted by Rashmi Patil Financial services

The best way to improve financial services in rural area would be by building on existing institutional infrastructure rather than create new and costly delivery mechanisms.existing agricultural development banks can be used for introducing financial services to the poor.

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Technical innovations

idea posted by Rajyalakshmi K Accounts Manager, Standard Chartered

Technical innovations could help reduce the costs of operating in rural areas and improve services provided to rural clients by introducing new technology like ATMs linked to smart cards, and palm pilots for rural loan officers etc.

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Follow the artiya way

idea posted by Vivek Bimbrahw SBU/Profit Center Head, ICICI SECURITIES LTD
Ever researched how things work out in the rural area. India in particular wherein there is no barrier on the number of children you can have (considered as gift of god). A small piece of land keeps getting divided between siblings till it becomes so small that none of the land owner can make a decent living by just relying on farming on that small piece of land. What does an Artiya do ? He lends to the farmer irrespective of his quality of land informally mortgaged by putting a thumb impression on a blank stamp paper. The farmer goes to the artiya every time he needs money. In turn all his produce is picked up by the artiya at throw away prices. The artiya lends money to the farmer at such a hefty IRR that the farmer always remains in debt. SBI and SBP have in places introduced the Gold Card scheme which is a half hearted attempt to make away with the artiya. However, what also needs to be done is to educate the farmers on financial planning. Weather they actually need to go in for a tractor, etc for a smallish land holding that they have. Pvt sector banks do not find going to rural areas economically viable. There has to be a genuine properly planned effort by people who have actually done ground work research rather than moved around in red light flashing cars squandering the tax payers money, trying to take a decision on something they actually have no idea about.
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Promoting the rural indutry

idea posted by Ramdas Pawar Sales/BD Manager, Flex

Rural industry is one of the main backbone of the country's earnings. I think government should promote and uplift the rural industrial sector so that not only financial flow will be more in the rural areas but also the inhabitants will become financially and economically independent. The selling of the products to the government should be made more and more transparent with minimising the number of mediators so that the rural earning also increases.

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