Finance Inclusion through "One Village One CA"

What is a CA’s role in promoting financial inclusion in villages?

A Chartered Accountant, by definition, is a professionally qualified and competent person to audit financial statements and business practices. There cannot be a person better than a CA to launch an aggressive awareness campaign among the rural masses on the importance of financial inclusion since he has the authority on advising, individuals on matters pertaining to finance, taxation, banking and a host of other practices. His advisory service to the rural clientele, the villagers who are likely to benefit from the proposed financial inclusion, is critical to the success of this campaign. The Chartered Accountant of the Village should be instrumental in indentifying members of low income groups who depend on seasonal work or agriculture for a living. Once this process of identification is offered by banks & MFI & NGO’s in their neighborhood. He should share with the prospective beneficiaries the concept of saving for the future and the benefits of micro-finance system. He should be able to deal rationally with obstacles to this program by engaging the target groups of individuals in discussions. Once, he succeeds in getting these individuals to open bank accounts, he can launch the second phase of operation- enabling them to avail themselves of the products and services offered by the banks in order to fund agricultural or business activities which will ensure enhanced end results and better incomes. The CA in charge of a village should keep track of his clients and their financial activities. He should spend time, periodically counseling and guiding them in the right direction. Thus, it is absolutely necessary that there be a CA in each village who will play a pivotal role in translating the novel idea of financial inclusion into an easily implementable process.

Impacts of the Study:

    1 .     To achieve the target of “ INCLUSIVE GROWTH”

    2.    To improve the living standards of the BPL people,

    3.    To increase number of financial experts in the country,

    4.    Helps to stabilize the financial system of the nation at Village level.

    5.    Increase the GDP by accounting the whole receipts & payments of the people.

   Methodology:

     As I already stated the process of spreading the message of One Village One CA      to all   over India through the following methods.

1.     Organised a mega One village One CA programme at Kanyakumari District in association with Carmel Higher Secondary School and Board of Studies & Nagarcoil Study Circle of SIRC of ICAI – report attached herewith.

2.    Submitted the proposal of One Village One CA programme to Chief Minister of West Bengal, Chatiskar, Jarkand & Tamil Nadu.

 

For the purpose of this research, and in order to achieve the objectives, required data’s will be collected and will be used both primary and secondary data. The secondary data will contribute toward the formation of background information, needed by both the researcher in order to build constructively the project and the reader to comprehend more thoroughly the survey outcome.