Nabard strategy to boost rural credit in Punjab
22.05.12
The move comes against the backdrop of the state’s 2009-10 annual budget that pegged the rural debt at Rs 35,000 crore. Of this, Rs 22,000 crore is institutional debt, while the rest is debt towards money-lenders and arhtiyas.
Delhi-headquartered Nabard, in a bid to provide credit linkages to the marginalised in society, has suggested to the banks to resort to innovative approaches that would address the money remittance and micro saving needs of the rural population which is bound by the conventional system wth its own set pf limitations. The services of civil society organisations, farmers’ clubs and NGOs among others, as “business facilitators” or as “business correspondents” may be utilised to increase the physical outreach of the banks.
The country’s apex development bank has further stressed on specific interventions that are required to cater to the remittance needs of the state’s large migrant workforce engaged in agriculture, industry, security jobs, construction works, etc. Further, banks can use their infrastructure to extend various types of financial services. They need to explore new distribution channels and marketing techniques through collaboration with the postal department, pharmacies, supermarkets, railway stations and bus terminuses among others.
Source: Business Standard