XLRI recognizes innovators in the domain of inclusive finance

XLRI felicitates the winners of Innovation4Impact competition at the

 ‘2^nd International Workshop on Inclusive Finance’

Winners of Innovation 4 Impact competition with
Fr. E. Abraham. S.J., Director of XLRI

 Jamshedpur Sep 16th 2013(Sailesh Gandhi):  XLRI, the premier private B School in India felicitated six innovators in the domain of financial inclusion who have made a difference to the life of the poor by linking finance to livelihoods. XLRI selected the winners through the national level competition entitled- Innovation4Impact.  

The six winners of the Innovation4Impact competition were: SBI Life for their innovative products, Janalakshmi Financial Services for developing innovative processes, MicroGraam for adopting innovative financing mechanisms, CARE India for innovative services, Equitas for innovation in pricing policies and Eko India Financial Services for innovative applications of technology;  

The six winners also showcased their presentations on field based case studies and success stories with models of inclusive financial innovations at the ‘2^nd International Workshop on Inclusive Finance’ before a panel of experts including Mr. Y.C. Nanda, Former Chairman, NABARD & Member, National Commission on Farmers, Dr. K.C. Mishra, Vice Chancellor & Dean (FMS), Sri Sri University, Cuttack, Dr. Alok Misra, Chief Executive Officer, Micro-Credit Ratings International Ltd, Dr. J. Singh, Professor of Organizational Behaviour, XLRI, Dr. Madhukar Shukla, Professor of Organizational Behaviour, XLRI and Dr. H.K. Pradhan, Professor of Finance & Economics, XLRI.

 

Felicitating the winners, Fr. E. Abraham. S.J., Director of XLRI said, “Finance acts as the key lever in the development process, by expanding the productive capacity and human potential of a nation. We believe that building an inclusive financial sector remains a key task of policy, which has strong potential to expand business and employment opportunities for the poor. Our work takes an integrated approach to improving financial access, with supporting environment and infrastructure, so that the poor can undertake risk, see and seize the economic opportunities.”

Dr. H.K. Pradhan, Professor of Finance & Economics and Coordinator, Financial Market Centre, XLRI said, “Innovations have always made a difference to the life and society, particularly in finance. Financial Innovations in products, processes are particularly important, not just for the high end value creation; but also impacting society and life of the poor, their livelihoods. These financial innovations by the private sector in the financial inclusion space have displaced the myth that only Government interventions can only make a difference to access. Product design, innovative processes, and most importantly technology, several organizations have been able to design very efficient products making impact. Six innovators were selected for presentations and award, drawn a national competitions inviting proposals”. 

Inspired by the victory the winners said that they are on the right track and this award will give them impetus to continue innovate towards actualizing limitless opportunities at the bottom of the pyramid while staying clear of the trap of opportunism.