DFS drafts Financial Inclusion 2.0 roadmap, focuses on universal banking

Financial Inclusion 2.0 plan aims to deepen access to banking, credit, insurance, pension and digital services, targeting universal coverage by 2047

The Department of Financial Services (DFS) has begun work on preparing a comprehensive roadmap for “Financial Inclusion 2.0”, aimed at deepening access to banking, credit, insurance, pension and digital financial services across the country.

 

M. Nagaraju, Secretary, DFS, Ministry of Finance, chaired a high-level meeting in New Delhi to deliberate on the proposed plan document. The meeting was attended by senior officials from the Reserve Bank of India (RBI), Department of Economic Affairs (DEA), Ministry of Electronics and Information Technology (MeitY), Ministry of Rural Development (MoRD), Ministry of Housing and Urban Affairs (MoHUA), Ministry of Labour & Employment (MoLE), Department of School Education and Literacy, Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA), Securities and Exchange Board of India (Sebi), Indian Banks Association (IBA), Indian Cyber Crime Coordination Centre (I4C), National Payments Corporation of India (NPCI) and other stakeholders. 

The press statement of DFS said that the discussions focused on preparing a structured action plan covering universal access to banking services, augmentation of banking infrastructure in villages, and expanding the availability of formal credit, particularly for women and vulnerable sections of society. The roadmap also aims at achieving insurance and pension coverage for all citizens by 2047, promoting innovative digital and financial products, increasing the penetration of digital transactions in rural and semi-urban areas, enhancing awareness about financial and digital frauds, and strengthening financial and digital literacy among adults as well as students at the secondary and senior secondary levels. 

During the meeting, Nagaraju emphasised the need to further strengthen the banking network, including ensuring the presence of at least one bank branch in each subdivision in the North Eastern region.

 

He also underlined the importance of expanding insurance and pension coverage and framing strategies to bring individuals currently outside the formal credit system into the mainstream credit framework. The ministry said a final report on advancing financial inclusion in the country will be issued in due course following further deliberations.