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SwabhimaanNational publicity campaign

For Promoting

Financial Inclusion


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Swabhiman Our Account Our Pride was launched by Smt. Sonia Gandhi,

the Chairperson of the UPA in the presence of Shri Pranab Mukherjee, the

Union Finance Minister and Shri Namo Narain Meena, the Union Minister of

State for Finance on February 10, 2011.


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It is the campaign started by the Ministry of Finance, Government of India

and the Indian Banks Association (IBA)-( an association of most of the

Indian banks) to bring banking within the reach of the masses of the Indian

population.


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This campaign or the movement is started to promote banking facilities and

basic banking services to 73,000 villages in the country which are not

served by any bank so far. The aim of the government is to bring a bank

within the reach of every village with a population of over 2000 by the endof March, 2012.


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The bank in the village will facilitate the opening of an account by a

villager. It will provide a need-based credit to the villagers. Remittance

facilities to transfer funds from one place to another will also be the part of

the banking services to these villagers


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The main objective of the government is to promote and bring about a

financial literacy in rural parts of India.


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New computer based technology

connecting all the banks with oneanother in the country, is going to playa very important role in this campaign.


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The other partners in promoting thisgigantic programme will be ournewspapers and the electronic mediacarrying the news of this programmeto even the remote corners of the

country.


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The business correspondents and writers

will play a great role in this mammoth

campaign launched for promoting the

banking sector with a social outlook.


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This great initiative of the government of India and

the Indian Banks Association to cover up the gap

between the rural and urban India is going to

complete the banking revolution which started in

our country in the sixties by nationalising the banks

and giving them a social outlook. This will be a

path-breaking achievement of the government to

help the rural masses of India.


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Under the programme, it is proposed to openfive crore new rural bank accounts. Openingaccounts for so many illiterate and semi literate

people of rural India is apparently going to testthe mettle and perseverance of the bankingofficials.


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The banking sector has also to ensure thatbanking transactions are safe and secure. Thelinking of the rural population with the urban

markets will be a great achievement of thisrevolutionary campaign. It is reported that thebanking will be taken door to door throughbusiness correspondents who will be called

'Bank Saathi (Friend)'.


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Taking into account of the illiterate natureof the rural people, the procedures foropening the bank accounts will be

simplified. Facilities of easy access to creditand saving products will be provided underthis scheme.


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There will be a speedy transfer of fundsand payment of government subsidies andother developmental funds allotted by the

government from time to time for the ruralsector. The social security benefits can bedirectly transferred to the beneficiaryaccounts removing the operations ofmiddlemen who loot the illiterate ruralpopulation before the benefits finally reachthem.


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The scheme will also promote the micro-insurance and micro-pension plans for thevillagers. Financial Inclusion is an importantpriority of the Government as only about 38

per cent of the 85292 bank branches ofScheduled Commercial Banks are in ruralareas and only 40 per cent of the country'spopulation has bank accounts.


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To address this need, the Government hasdirected all banks to provide appropriatebanking facilities to habitations havingpopulation in excess of 2000 by March, 2012using various models and technologiesincluding branchless banking through

Business Correspondents (BCs).


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In an interview about Swabhiman, Shri K.V. Eapen,the Joint Finance Secretary of India told media that

banks are expected to popularize the electronics

benefit transfer (EBT) scheme for efficiency of the

program. EBT is mode through which thegovernment currently makes payments to the

workers involved in various public welfare

schemes. Thus, Swabhiman will provide a platform

for banks to launch their products and services likesmall overdraft facility, remittance, small loans and

small deposits to the rural poor.


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Swabhiman, though is in planning stage,has some assured benefits for the common

man. A common man can now be included

in the organized financial sector without the

tedious paperwork. It will not only ensure

availing of a variety of financial services at

doorstep but also easy enrolment to all

public welfare schemes.


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Reaching out at such a grand scale can face anumber of challenges that are meticulous innature. Ranging from connectivity ofhandheld devices, geographical connectivityto literacy rate of the population can raiseissues in smooth implementation of theprogram. But, tackling these challenges and

bottlenecks is now expected from IndianGovernment.


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