The residents of the Pakur area face many challenges in availing financial services through mainstream banking system. Certain major challenges include banks’ reluctance to provide credit and other financial services; location of branches at a significant distance from villages; under-staffed branches, and poor internet connectivity.
In the given backdrop of limited infrastructure and lack of access to banking services, the district administration provided a major thrust to build ‘Enabling Environment for Rural Financing’. The initiatives include:
The uptake of banking services has significantly improved in the region. There are over 50,000 members availing insurance schemes. In FY 17-18, 3,600 Sakhi Mandals were financed, receiving a cumulative amount of ` 36 crore - a major increase compared with the outcomes of previous 3.5 years, where 2,600 Sakhi Mandals were financed, receiving a cumulative amount of `13 crore. Moreover, a significant shift has also been noted in consumers’ transaction behaviour as consumers are moving away from cash based transactions to account based transactions.
Source : Aspirational District for WEB
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