Which of these states is the first in the country to adopt Self Help Groups SHG based financial incl...........

Economic Affairs Financial Inclusion

Which of these states is the first in the country to adopt Self Help Groups (SHG) based financial inclusion model to extend banking services in the unbanked areas through them?

Himachal Pradesh

Jharkhand

Telangana

Odisha

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Explanation:

In this regard, state government has inked agreement with the State Bank of India (SBI). The SHGs formed under the Odisha Livelihood Mission (OLM) will be eligible to provide banking services.
• The agreement assumes significant as 70% of the gram panchayats in the State do not have brick and mortar bank branches.
• As per the agreement, OLM will function as corporate agent and around 3 lakh SHGs operating under it will be the banking correspondents (BCs).
• In the first phase SHGs will be engaged as Banking Correspondents (BCs) in around 1000 remote GPs in scheduled areas having no banking facilities.
• Subsequently entire State will be covered under the financial inclusion programme.