NEREFS celebrates North East empowered
By David Buhril *
On September 2009, North East region Finservices Limited (NEREFS) celebrated its pioneering work in delivering microfinance services to the North East States and other parts of the country in New Delhi's Lakshmipat Singhania Auditorium. Mohan V Tanksale, Executive Director of Punjab National Bank graced the celebration as the chief guest. Diverse dignitaries representing Indian Bank, SIDBI, Axis Bank, ING Vysa, as well as people from various parts of the North East based in New Delhi participated in the pomp celebration.
The North East region have been left out and unreached by services of Public Sector Banks and other privatised banks. Steeping into the vacuum, NEREFS engagement with the deprived communities in the North East of India and other tribal inhabited States has not only proved that it can change the lives of the poor but also the economic structure of the region. NEREFS ushers a new economic order in the marginalised regions by proving that a correlation based on relationship and trust can be made between MFI's and traditional communities.
Today, NEREFS presence is visible in the North East States and other parts of India with its empowering mission. While targeting the rural poor in the matter of sustainable economic activities, it has immensely multiplied the social capital by identifying income generating activities with focus on microfinance as the basic input for socio-economic development.
Significantly, NEREFS efforts towards building a new economic order is reflected in the breaking of the frontiers of ethnicity, regionalism and parochialism, which has been one of the domestic factors in barring progress and development in the region. These factors, which NEREFS has successfully deconstructed, cannot be underestimated in any way if one has a deep insights and understanding of the interplaying forces that in turn influence policies and decision making process.
What is evident from NEREFS success is its understanding of the culture or even sub-culture of the diverse communities that it is working with. In a politically vulnerable region like the North East, NEREFS efforts are not confined to only increase the social capital, but is also engaged in economic and financial education of the masses at the same time. When most of the banks that are operating in the North East failed to avail its services to the unemployed and deprived people at the grassroots level, NEREFS, despite its recent birth and intervention in the region has been making headway in creating a new economic order in its areas of operation.
Speaking on the occasion, Mohan V Tanksale congratulated James Lalrawngbawl Keishing, MD, NEREFS for doing a "human job in the North East". Tanksale stressed on the need for "inclusive growth" by focusing on the financially excluded areas in the pursuit of putting the nation in the course of sustainable growth and development.
The Executive Director of Punjab National Bank also acknowledged the exemplary role of NEREFS in leading the path to achieve inclusive growth through its microfinance services. On witnessing NEREFS young beneficiaries and loanees, Tanksale said that he could foresee the prospect of building the "largest and best economy" by employing and exploiting human resources. Tanksale also reminded NEREFS loanees about the importance of credit responsibilities.
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James Lalrawngbawl Keishing, MD,NEREFS in his speech said: "We started North East Region Finservices in the year 2002. In 2004 we discovered the need and potential of microfinance and decided to launch full fledged microfinance services to individuals as well as Self Help Groups. Our vision was and still is to help the weaker section of the people as well as poor tribal communities and to develop their socio- economic status by providing them financial support. We set out on a noble, yet uncharted journey to help the poor in productive ways, which will not only fulfill their necessity ,but also enhance their dignity".
Keishing announced with brimming joy that NEREFS have achieved unprecedented success by emerging as a leading Micro Finance Institute in the North East. Besides that, "NEREFS have", Keishing said, "currently loan portfolio crossing about Rs 103 crores outstanding and 25124 borrowers". Not only that, NEREFS currently have set up 72 branches across 50 districts in Assam, Arunachal Pradesh, Manipur, Meghalaya, and Mizoram in the North East and Uttaranchal in North India. NEREFS has also established its presence in New Delhi, Bangalore, Chandigarh and Rajasthan too. The Company employs more than 500 staffs to run its offices. NEREFS MD also acknowledged the immense support extended by Punjab National Bank , Indian Bank, SIDBI and Axis Bank and added, "NEREFS would not have achieved the feat without your selfless support".
James Lalrawngbawl Keishing strongly opines that microfinance lending can play a revolutionary role to bring about change to thousands of people in the North East where socio-economic development process could not take off due to difficult geography, unstable political situations, and the absence of political will. He also said that the bureaucratic limitations and political compulsions prevailing in the system prompted him to do something on his own where he could have the freedom to pursue his vision of uplifting and empowering the poor masses from the vicious circle of poverty.
On September 19, NEREFS disbursed microfinance loan to 217 clients belonging to various tribal communities of the North East States who are based in Delhi. NEREFS MD felt that to work effectively in the region, it would need about 6000 crores to help the financially deprived and starved people. He also mentioned the need for more banks and financial institutions to intervene to score the target of the region for delivering empowerment, which, otherwise, is still facing the crunch despite NEREFS presence.
James Lalrawngbawl firmly believes that peace, welfare and development must go hand in hand, for which he further urged bankers and financial institutions to fill the still-big vacuum in the region. James Lalrawngbawl Keishing concludes by saying that NEREFS successful growth have gone beyond statistics to become the "banker of the poor".
* * David Buhril, a research scholar in JNU & a Ramnath Goenka Journalism Awardee contributes regularly to e-pao.net. The writer can be contacted at davidbuhril(AT)yahoo(dot)com
This article was webcasted on September 21st, 2009.
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