Jamshedpur : XLRI, the premier private B School in India felicitated six innovators in the domain of financial inclusion who have made a difference to the life of the poor by linking finance to livelihoods; who XLRI selected through the national level competition Innovation4Impact.
The six winners also showcased their presentations on field based case studies and success stories with models of inclusive financial innovations at the ‘2nd International Workshop on Inclusive Finance’ before a panel of experts including Mr. Y.C. Nanda, Former Chairman, NABARD & Member, National Commission on Farmers, Dr. K.C. Mishra, Vice Chancellor & Dean (FMS), Sri Sri University, Cuttack, Dr. Alok Misra, Chief Executive Officer, Micro-Credit Ratings International Ltd, Dr. J. Singh, Professor of Organizational Behaviour, XLRI, Dr. Madhukar Shukla, Professor of Organizational Behaviour, XLRI and Dr. H.K. Pradhan, Professor of Finance & Economics, XLRI.
The six winners were: SBI Life, Janalakshmi Financial Services, MicroGraam, CARE India, Equitas and Eko India Financial Services.
Felicitating the winners, Fr. E. Abraham. S.J., Director of XLRI said, “Finance acts as the key lever in the development process, by expanding the productive capacity and human potential of a nation. We believe that building an inclusive financial sector remains a key task of policy, which has strong potential to expand business and employment opportunities for the poor. Our work takes an integrated approach to improving financial access, with supporting environment and infrastructure, so that the poor can undertake risk, see and seize the economic opportunities.”
At the workshop, presentations were showcased before the audience by Mr. Arup Chatterjee, Senior Financial Sector Specialist, Asian Development Bank, Manila spoke on ‘On a Road Less Traveled: The Power of Micro Insurance’, Mr. Asif Arif, Commissioner, Insurance Division, Securities and Exchange Commission of Pakistan on ‘Regulatory Framework of Microinsurance in Pakistan– A consumer protection perspective’ and Mr. Gautam Bhardwaj, Director, Invest India Micro Pension Services (IIMPS), Noida on ‘Micro Pension’.
The day’s events concluded with a cultural evening following a round table discussion on Delivering Financial Services to the Poor.
Dr. H.K. Pradhan, Professor of Finance & Economics and Coordinator, Financial Market Centre, XLRI said, “We do recognize that mere access to finance, in the absence of other business development services and capacity building, including community engagement, would not translate into sustainable impact on the livelihood. Highlighting the role of development finance and their providers are considered important, in appreciating the broader policy framework supporting financial inclusion initiatives of the country.”