Lend to the poor: Modi: But monitoring and evaluation with parallel progress in literacy and awareness needed tooApril 3, 2015
Tags: PM Modi, Prime Minister Narendra Modi, Modi to RBI Governor, Lend to the poor, literacy and awareness, India’s Economic growth, Reserve Bank, MUDRA Bank, Rajiv Gandhi, Leakage of funds
Lend to the poor: Modi: But monitoring and evaluation with parallel progress in literacy and awareness needed too
PM Narendra Modi on Thursday March 3 asked the banking sector to start lending to the underprivileged including poor farmers, poor students and people running small businesses so that their financial condition could improve which will ultimately contribute to India’s economic growth.
“You must come out with innovative financial inclusion instruments to ensure that the farmer does not commit suicide due to lack of bank funding,” PM Narendra Modi said.
“Our poor students need bank loans to pursue quality higher/technical education and training to be skilled. Lending them can be the biggest financial inclusion. I can assure that you will not see the current Non Performing Asset (NPA) level as these hardworking people will surely return your money,” the PM Modi said.
Narendra Modi was speaking at a conference on financial inclusion organized here to celebrate the 80th anniversary of the Reserve Bank of India (RBI).
PM Modi said over five crore people engaged in small times businesses need an average loan of Rs. 17,000 to scale up and enhance their income. And the banking system must consider lending them. He said government will shortly launch the MUDRA Bank in this regard.
I know what it means to be poor: Modi
“I have come here to ask for something as a representative of the poor, marginalized and tribals; I grew up as a poor and I know what it means. I seek help on their behalf and trust you will not disappoint me,” Prime Minister Narendra Modi said with high hope.
Lend to the poor, Modi tells banks: Intention is good but….In Raipur agriculturalists tribal given loan, they got less than 10% but 90% went in the pocket of mediators and bank staff; signature or thumb sign taken of them by fraud. Further more than 50% cases without the knowledge by fraud of mediator & bank staff nexus lending to ther poor scheme, loans were gone in farmers-tribal name on bank paper but they never received that shown amount. Victims know only when banks proceed to recover the loan from them. So literacy and awareness is necessary along with lending the money to poor. Beside this monitoring and evaluation of the schemes should be well planned.
In one of his debut speeches made during the Congress Plenary Session in Mumbai, he publicly acknowledged the systems of corruption in governance institutionalised by his mother and brother. “If Central government releases one rupee for the poor,” he said, “only 10 paisa reaches them.”
Twenty-five years after the above said admission of Rajiv Gandhi; former PM Manmohan Singh told reporters in Mumbai on Sunday that leakage of funds was not as big as mentioned by Rajiv Gandhi. “Leakage of funds earmarked for development does exist but I don’t admit these leakages are as big as was mentioned by Rajivji,”
By coincidence, a day later, Former Planning Commission deputy chairman Montek Singh Ahluwalia told a seminar that the former PM was correct about the extent of leakage. He said a Plan panel study on PDS recently found that only 16 paise out of a rupee was reaching the targeted poor, as he went on to suggest that 1% of every scheme money be earmarked for monitoring and evaluation.
The need to address the leakages is serious for fighting poverty because of heavy inflow of funds in welfare schemes and peoples have dreamed with high hope from BJP Govt. more than UPA Govt.
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