Financial inclusion is essential for India to become a $ 5 billion economy
MUMBAI : Although the pace of financial inclusion has increased, much remains to be done to ensure that the masses use banking services more effectively to dramatically improve their lives, which in turn will help India to become a savings of $ 5,000 billion, according to industry experts. said at the Mint’s annual banking conclave.
âFinancial inclusion in India is a great story. In terms of having a bank account, I think we’ve come a long way. There are always a number of people adding to the banking age, but when it comes to the existing adult population, a large number of people have already been covered, âsaid CS Setty, General Manager of the State. Bank of India. âNow we are almost ripe to move on to the next realm of financial inclusion,â he added.
Bhargavi Zaveri-Shah, National University of Singapore, said that according to a 2019 survey by the National Council for Financial Education, at the pan-Indian level, nearly 87% had a bank account and the had used in the past two years. “When it comes to a recurring deposit, around 37% knew what it was and 18% had one, while 60% knew about the term deposit and 14% of them actually had a term deposit,” she declared.
According to Chandra Shekhar Ghosh, CEO and Managing Director of Bandhan Bank, âThe challenge to achieving financial inclusion is to first educate people to use digital channels. But due to the pandemic, it has been difficult to do so. Now that the pandemic situation is better, we need to digitally educate people and then they can be embarked on financial inclusion, âsaid Ghosh.
Rajeev Kumar K, Senior Vice President of Mastercard, said: âWe believe that digital inclusion is the stepping stone for financial inclusion. We are committed to connecting individuals, small businesses and farmers and bringing them into the digital fold so they can achieve their ultimate goal. “
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