Shaji K. V. Updates that NABARD has allocated `460 mn for deployment of micro ATMs for the current FY
NABARD has supported financial literacy efforts through various initiatives keeping in mind its importance to augment demand for financial services, especially for those offered on the digital platform. In addition, in order to augment the supply side of the financial ecosystem, NABARD has also extended support for onboarding to digital platforms, improving connectivity and meeting regulatory requirements. The Financial Inclusion Fund (FIF) housed in NABARD is mandated to support developmental and promotional activities with a view to securing greater financial inclusion.
Shaji K. V., Deputy Managing Director, explains: “In order to address the regional disparities, a differentiated strategy involving more thrust on backward districts that are constrained by various physical, economic and sociological characteristics, now termed as the special focus districts (SFDs) was adopted, to provide focused FIF interventions and bring about inclusive and equitable financial inclusion across the country. Under this, grant support was enhanced to 90% for banks in these SFDs comprising of aspirational districts, LWE districts, north-eastern region (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, and Tripura), hilly states (Jammu & Kashmir, Himachal Pradesh and Uttarakhand), Lakshadweep and Andaman & Nicobar Islands. During 2020-21, 50 more credit deficient districts were added to the list of SFDs, which now stands at 358 districts.”
LOW-COST CLOUD-BASED MODEL
NABARD has given focused attention for technology upgradation of the rural cooperative credit system in the country. The project for onboarding the top 2 tiers of the rural cooperative credit system viz., the state cooperative banks and district central cooperative banks, has resulted in accelerated adoption of technology by these cooperative banks.
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