Great Lakes institute of Management, Chennai brings forward the 2nd Great Lakes – Union Bank Conference on Financial Inclusion on August 12, 2011. This conference throws insight on various issues around financial inclusion particularly focusing on Micro finance which is also explored as the theme for the panel discussion
“Microfinance: A Panacea for financial Inclusion? If so, how to get there?”
The Financial inclusion as defined is the process of ensuring access to timely financial services and adequate credit needed by vulnerable groups such as weaker sections and no income groups at an affordable cost, in its holistic nature the availability of banking and payment services to the entire population without discrimination is the sine qua non for maintaining a balanced public policy.
And who else can be a better pioneer to pilot a calibrated approach to financial sector reforms other than Dr. Y.V. Reddy former governor, Reserve Bank of India. The key note speaker at the Great Lakes financial inclusion conference is an I.A.S. officer of the 1964 batch who served as the twenty first Governor of Reserve Bank of India from 2003 until 2008 and has been awarded India’s second highest civilian honor, the Padma Vibhushan. He was eminent in formulating financial policies such as tough lending standards on the Indian banks which eventually helped in saving the entire Indian banking system from the sub-prime and liquidity crisis of 2008. As quoted by Joseph Stiglitz “If America had a central bank chief as Dr. Y.V. Reddy the U.S. economy would not be in such a mess.” Truly honors his effort in equipping India with a strong weapon to fight against economic crisis.
The financial inclusion conference also honored Mr. S.C. Kalia (Executive Director, Union Bank of India) who emphasized on the concept of financial inclusion and not just micro financing; he also focused on inclusive growth through formal and informal means, biometric, mobile banking and smart card technology equally emphasized the role of partnership with banks. He concluded by focusing on the role of inclusive growth and tailored approach in case of specific areas.
Dr Bala V Balachandran, Founder-Dean Great Lakes Institute of Management along with Dr. S.K. Shanti (chair, Union Bank Center for Banking Excellence) honored the key speakers and the panelists with their insights and personal experiences extending a warm welcome at their institution, opening the august ceremony of this event and inviting Dr. Y.V. Reddy to commence the ceremony.
Dr. Y.V. Reddy commencing the financial inclusion with his talk explores the concept of financial inclusion on definite pillars, one encapsulating the problems faced by women at the villages having a proper place to safe keep their money and second the problems dealt with the vertical mobility of money within all, following which he broadly embarked into the panoramic view of financial inclusion which according to him without the economic inclusion is not viable. His perception also dealt with the important path being followed by financial inclusion via financial services to financial credit. Dr. Y. V. Reddy projected the various financial models he laid importance on, specifying the decision of choosing the right model on the basis of its cost and also that MFI’s are an extension of individual branches of bank and not a bank in itself. He envisioned the role of legislation and regulation as a strong foundation to every financial body levying due credit to each measure on its ability to be quantifiable, defensible and that can be allocated.
After a packed session of knowledge and deeper insights into Micro financing with financial inclusion at large, the conference was concluded by the executive director of Great Lakes Institute of Management Prof. Sriram. He thanked the key speakers of the conference Dr. Y.V. Reddy and Mr. S.C. Kalia for their incomparable insights and experiences. Their humility to share their apprehensions and success on the same platform leveraged the whole experience of the 2nd great lakes- union bank financial inclusion.