UP News: Micro finance institutions are also helping in making UP a one trillion dollar economy.

Lucknow: Micro finance institutions also have a role in ensuring their contribution to the one trillion dollar economy of UP. To increase this contribution, cooperation is needed from the government. With this, micro finance institutions will be able to contribute more in the development of UP. Sudhir Sinha, Chief Executive Officer of Micro Finance Association of Uttar Pradesh (UPMA) said these things.

Sudhir Sinha said that microfinance, also known as micro credit, is a type of banking service, which is provided to low income individuals or groups. Micro Finance Association of Uttar Pradesh (UPMA) is an organization of about 30 institutions working in this sector in UP, which helps micro finance institutions in capacity building, training and policy advocacy. The organization organizes its annual conference every year. The organization is completing ten years of its establishment this year. This is the sixth session of Upma.

The chief guest of the function, Minister of State for Public Works Department, Kunwar Brajesh Singh, Government of Uttar Pradesh, inaugurated the convention through video conferencing. He said that the improvement in the living standards of women due to the cooperation and contribution of micro finance institutions is commendable. Special guest and IAS Navneet Sehgal said that after the discussion in the conference, an action plan will be made which will help in the development of the state. Micro finance will play an important role in achieving the goal of a trillion dollar economy.

New rules of Reserve Bank will help in increasing loan portfolio

Keynote speaker, former Deputy Governor, Reserve Bank of India HR Khan said that the new rules of the Reserve Bank will help the institutions working in the field of micro finance to increase their loan portfolio. Also, it will be able to provide more amount as loan to its customers. He further said that SIDBI DMD Prakash Kumar and RBI Regional Director Dr. Balu Kenchappa also expressed their views on how microfinance can contribute to the economy of the state and create employment in rural areas. Under SIDBI, NABARD provides financial assistance to micro finance institutions in providing employment loans to the weaker section of the society.

Representatives of many banks participated

In three sessions at the function, the contribution of micro finance in the state’s one trillion dollar economy, preparation of micro finance institutions under the Personal Data Protection Act and micro finance as a social utility were discussed. Jana Bank advisor Tamal Bandyopadhyay, former Equifax MD KM Nanaiah, Utkarsh Bank MD Govind Singh, Sonata Finance MD Anup Singh, Satya Microcapital MD Vivek Tiwari, ASA International CEO Anjan came from Mumbai. Dasgupta, MD of Pahal Finance Purvi Bhavsar participated. About 250 representatives from various companies were present on this occasion. On this occasion, the winners of the cricket team were honored with trophies and the winners of the quiz competition were honored with certificates.