Centre to adopt MP's financial inclusion model

A financial inclusion model, launched by the Madhya Pradesh government in July 2011, will now be implemented by the Central Government throughout the country as "Sampoorn Vittiya Samaveshan Yojana".

According to an official release here today, through MP's "Samriddhi" model, benefits of various government schemes are being transferred directly to the bank accounts of villagers by ultra small banks.

The model envisaged that banking facilities should be provided to villagers within five kilometres which resulted in opening of 76.5 lakh bank accounts in the state. For this, 14,697 unserviced villages were identified where banking services were not available within 20 to 70 kilometres and a drive was launched to open 2998 ultra small banks, the release said.

These banks which were opened in 2,400 small villages across the state have transacted business worth Rs 1,800 crore.

Apart from routine daily banking facilities, needy persons are also able to easily avail of beneficiary- oriented schemes of the Union and State governments in rural areas of the state now, it said adding that the model will soon be implemented across India.