Press Information Bureau

Government of India

Ministry of Finance

18-May-2012 17:02 IST

Financial Education in Rural Areas

Rural Entrepreneurship Development Programme (REDP) and Skill Development Programme are important programmes supported by NABARD for creating sustainable employment and income opportunities in a cost effective manner for the benefit of unemployed persons in rural areas. As on 31st March, 2012, 21406 programmes have been organized and Rs. 96.31 crore has been released by NABARD for training to 5.08 lakh persons.

The Government of India has constituted two funds viz., Financial Inclusion Fund (FIF) for meeting the cost of developmental and promotional interventions of financial inclusion and Financial Inclusion Technology Fund (FITF) to meet the cost of technology adoption. The objective of the Financial Inclusion Fund (FIF) is to support “Developmental and promotional activities” with a view to securing greater financial inclusion, particularly among weaker sections, low income groups in backward regions/ hitherto unbanked areas.

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in the Lok Sabha today.

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DSM/SS/SL

Financial inclusion advances via dedicated funds to extend services and subsidise technology for underserved rural populations. NABARD supported Rural Entrepreneurship Development and Skill Development Programmes aim to create sustainable rural employment through training and enterprise promotion, while the Financial Inclusion Fund finances developmental and promotional activities targeting weaker sections and underserved regions and the Financial Inclusion Technology Fund subsidizes technology adoption to support financial inclusion.