In India Cariitas India along with bringing changes in life of community, it also gives ideas to policy makers and shapes and strengthen policies . Just few days back we have shared with you the below initiative of Caritas India ( based on one of its programme called JEEVIKA in Madhya Pradesh with support from Caritas India and Caritas Spain) about small exclusive bank of poor and recently on 22nd June 2014 , Caritas India team has presented this model to the major bank policy makers ( Finance Ministry, Reserve Bank of India,HDFC, Small Industries Develop Bank Of India (SIDBI), Union Bank of India, and bankers in India in one of the most important policy public forum called as Skoch Summit-Initially all policy makers criticized that idea and were not able to accept this but today see the impact of Caritas India idea-Reserve bank of India (RBI) www.rbi.org.in –the highest Banking regulatory authority in India has issued draft norms in India for small exclusive bank for poor! And this is Caritas India impact within 29 days of presenting an innovative idea-which came from extensive experience in field.
Caritas India with this model has made difference in entire financial inclusion movement of India and we all must be proud and congratulate each in Caritas wherever and which ever country we are!
Last year RBI came with concept of differentiated banking, we as caritas India proposed the model of small exclusive bank for poor. Reserve Bank I in their press release states that:
“After making suitable changes to current framework, a structure will be put in place for continuous authorization of universal banks in the private sector in the current financial year. RBI will create a framework for licensing small banks and other differentiated banks. Differentiated banks serving nicheinterests, local area banks, payment banks etc. are contemplated to meet credit and remittance needs of small businesses, unorganized sector, low income households, farmers and migrant work force”.
See the news of RBI on small exclusive bank for poor at: https://in.finance.yahoo.com/video/rbi-issues-draft-norms-small-172021274.html
This new norm in India would bring millions of people to associate with banking ( about 40% of households are still not associated with any bank in any form). Imagine the happiness and the finacial inclusion going to emerge through this ‘exclusive bank for poor’ model-which is prposed and given by Caritas India.
You can read that model of caritas India on Skoch website too (http://www.skoch.org/?p=944) . You can also read our paper on Exclusive bank for poor submitted to policy makers.
We also thank Caritas Spain to be supportive and guiding to Caritas India for thinking beyond SHGs and working on such financial models!
Lets we all together as Caritas contribute for reforming and bringing new policies to strengthen communities life!
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