YC Nanda speaks at XLRI on Friday. (Bhola Prasad)

XLRI is hosting a global meet to find ways to make finance reach the poorest of the poor and prevent cheat, er chit funds from milking the needy.

The second edition of the three-day International Workshop on Inclusive Finance started at XLRI on Friday.

The theme for this year’s discussion is “making finance and insurance markets work for the poor.”

The workshop brought together academics, practitioners, micro-finance institutions and NGOs to brainstorm on how to let the needy gain from the present financial set-up.

“Financial inclusion is necessary. Banks have been stressing on well-off people and not on the poor. Till date, banks have not been able to reach the marginalised sections. This is why fake insurance and unauthorised chit fund companies are cashing in on the opportunity. We seriously need to take financial institutions to the micro level,” said H.K. Pradhan, faculty member, XLRI.

The guest at the inaugural session, Y.C. Nanda, former chairman, NABARD, and member, National Commission on Farmers, stressed on the falling rupee.

“The current financial system of the country is filled with corruption. Time has come when the country needs micro or local banks. About 26 corporate houses have given their application to start local banks in various areas,” said Nanda.

A series of plenary sessions by distinguished speakers; thematic panel discussions; presentations of empirical and policy research and case studies are on the cards over the next two days.