Financial inclusion is a top priority for poverty alleviation: Arun Jaitley

Addressing the 25th World Congress of Savings and Retail Banks, Jaitley said an aspirational society cannot wait indefinitely for the benefits of growth to improve the quality of life of the poor

A high rate of growth is necessary to alleviate poverty and ensure benefits of development reach the poor, Finance Minister Arun Jaitley said on Thursday.

Addressing the 25th World Congress of Savings and Retail Banks here, he said an aspirational society cannot wait indefinitely for the benefits of growth to improve the quality of life of the poor.

"Economies like ours, all over the world, need a high rate of growth. We want to use growth as a mechanism to pull the maximum number of people out of poverty, improve quality of life. But, the dangers of development and progress benefiting a few, and leaving many others out of inclusion system, should also be considred," he said.

Therefore, he said, "the penetration effect of growth will certainly take place. But, it will be a slow process and an aspirational society is not willing to wait indefinitely." 

Talking about the financial inclusion drive of the government, he said, the objective was to bank the unbanked, secure the unsecured, fund the unfunded and service the unserviced areas.

Banks, especially public sector banks, opened 330 million accounts under the Pradhan Mantri Jan Dhan Yojana in a few months.