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Banking and Financial Assistance: Securing Haryana Future

Banking and Financial Assistance: Securing Haryana Future, naya haryana, नया हरियाणा

8th June 2014

Naya Haryana

Samriddh Haryana , the mantra for a new and more developed Haryana that is being envisioned, rests on a fine balance of the economy in the state. Primarily an agriculturally-rich state, Haryana in the last two decades has witnessed the boom in other sectors of the economy such as industrial and educational growth. The main focus that enriches the expanses of the primary, secondary and tertiary sectors of the economy in Haryana is in enhancing the transparency and empowering the citizens of the state through financial assistance. The question is, how can maximum number of people be made to benefit from the financial inclusions and banking schemes in Haryana? How can financial resources be made equitable and accessible in all parts of the state?

Clearly, for an economy to flourish, a sustained human capital is all-important. In turn, human capital rests on different banking facilities and financial aides that are provided to it for the necessary implementation of various economic initiatives. While Haryana is said to be a forerunner state so far as its financial assistance to citizens is concerned, there is need to spread its reach wider. Not only the government, but a number of non-governmental organisations, the private sector and other arms of administration in the state must ensure more easy and accessible assistance to the different sections of the population, be it a student availing best education in Haryana, a farmer in a rural Haryana village, or the businessman setting up his independent business in a Haryana town.

Banking schemes must be geared to reduce the interest rates of loans meted out to people of different occupations. Besides the nationalised banks, the private banks have a huge role to play in attracting citizens to making loans. The banking sector, though considered one of the most efficient in Haryana, must further develop its infrastructural architectures, like building a convenient web-enabled centralised system, creating a more complex system of upgrading their database online, and further processes for remittance of benefits of bank-account holders. This, along with low interest rates for loans, will not only improve the quality of banking in the state, but people of all strata of society will willingly want to participate in this form of capitalisation.

In a close-knit society that most districts of Haryana present, non-banking financial assistance plays a vital function. The role of the different co-operative societies in Haryana is a model to appreciate. Yet, a lot more formalising of the system is needed. As per the Haryana Co-operative Society Act, 1984, financial assistance to farmers, laborers and others is done through an elaborate system of registration and seeking permission from government authorities, which often takes a laborious amount of time. This process must be quickened through a centralised system to cater to immediate needs of the people. A large number of other non-banking institutions like Primary Dealers (PDs), Non-Banking Financial Companies (NBFCs) and Financial Institutions (FIs) operating for different purposes such as aiding the minority communities, etc., must be opened in every nook and corner of Haryana so that people can be aided locally and regionally.

A major concern in financial assistance in Naya Haryana that we hope to achieve, is in disbursing aides under social security schemes which are welfarist in nature. A constantly escalating feature of the society today is in the increase of old and needy people who have nobody to take care of them. Social security pension schemes for this section of the population in Haryana must be elaborated for greater acceptance to these needy people. Financial assistance must be further extended to certain sections of the population such as children of a certain age, women as well as others. Let us hope that these pension and other financial assistances can be administered for greater economic and social superiority of a Haryana we will be boastful of.

A society's well-being rests of its economic stability, which acts as the foundation of its prosperity. We believe that a Naya Haryana will be a Samriddh Haryana, wherein its financial intervention and succor will pave the way for a better future for Haryana.

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