Govt committed to raising savings;new products on anvil:Finmin

The government today said that it is committed to improving the savings rate and plans to launch new products to achieve the objective.
"It should be the endeavour of all the agencies engaged in mobilisation of savings to ensure that the savings movement is taken to the farthest corners of our country," Finance Minister Arun Jaitley said on the occasion of World Thrift Day.
The Government of India is committed to improving the savings rate in the country, Financial Services Secretary G S Sandhu said.
In his message on this occasion, Prime Minister Narendra Modi said: "Thriftiness teaches us to be more modest and restrain ourselves in using scarce resources as well as provide support to the developmental efforts by mobilisation of resources through National Savings Schemes."

Sandhu also informed that 'Pradhan Mantri Jan-Dhan Yojana (PMJDY)' a massive Financial Inclusion Mission has been launched by the Government. It will bring unbanked sections of the society into the formal financial sector.
Various steps have been taken by banks in this direction, Sandhu said, adding these include opening of basic savings account with zero balance and providing of micro insurance products to the account holders.

Beneficiaries would get Rupay Debit Card having inbuilt accidental insurance cover of Rs 1 lakh, he said.
Earlier speaking on the occasion, Rajat Bhargava, Joint Secretary (Budget), Department of Economic Affairs, said that two new products will be launched soon by the Government.

"These will be of tremendous significance in increasing the savings rate and giving more choices to small savers. It was further stated that time has come to look for a change and means to provide a safety network in the shape of new products to the young customers," Bhargava said.
It was highlighted that Department of Posts may also leverage technology and its tremendous reach in this Mission.