Awasthi attends PM’s Symposium; discloses IFFCO’s initiatives for co-op credit

“Dr U. S. Awasthi, MD, IFFCO attended the first-ever symposium on ‘Creating Synergies for Seamless Credit Flow and Economic Growth’ which was addressed by the Honourable Prime Minister of India, Shri Narendra Modi”, reads a press release sent by IFFCO.

“Honourable Prime Minister of India, Shri Narendra Modi addressed the banking fraternity and eminent bankers at a symposium organized by the Ministry of Finance at New Delhi on the topic ‘Creating Synergies for seamless credit flow and economic growth”, reads the release.

The Prime Minister highlighted various initiatives taken by the government of India to strengthen the banking system and improve the overall health of banks. He discussed how various government reforms carried out through the banking sector like Jan Dhan Yojana have improved financial inclusion and brought unbanked masses under the ambit of our banking system, it says.

“He urged the banks to strive towards more financial inclusion by embracing digitisation and leveraging the advancements made in fintech space to provide various financial products to rural masses at an affordable cost. He also said that the banking sector can provide a big push to India’s economy and self-reliance”, the release quotes the PM saying.

Dr Udai Shanker Awasthi, Managing Director, IFFCO was invited to this conference as a leading figure from the cooperative sector. Cooperatives play a major role in the financial inclusion of the masses in the banking sector especially in the rural sector, says the release.

Cooperative banks were one of the first banks of the modern Indian banking sector. Cooperatives have played a major role in the expansion of the banking sector and banking services in the country supporting businesses, farming and individuals alike.

However, large swathes of Indian masses in rural India still do not have access to basic financial products and credit facilities at the right cost. In order to provide credit facilities to farmers and rural masses in an ethical and transparent manner with minimal interest rates, IFFCO has ventured into the NBFC sector with the formation of Kisan Rural Finance or KRF under the stewardship of Dr Awasthi.

The company aims to bring financial inclusivity to the last mile and aid farmers in increasing their income as envisioned by our PM Shri Narendra Modi.