Page 4 - Financial Inclusion

RBI Governor launches financial inclusion dashboard 'Antardrishti'

RBI Governor Shaktikanta Das on Monday launched a financial inclusion dashboard named 'Antardrishti'. As the name suggests, the dashboard will provide the required insight to assess and monitor the progress of financial inclusion by capturing relevant parameters, the Reserve Bank of India (RBI) said in a statement. This facility will also enable to gauge the extent of financial exclusion at granular levels across the country so that such areas can be addressed, it said. Presently, the dashboard is intended for internal use in the RBI, it said, adding it will further facilitate greater financial inclusion through a multi-stakeholder approach. The Reserve Bank has been promoting financial inclusion through various policy initiatives. To measure the extent of financial inclusion, it said, the central bank had constructed the Financial Inclusion (FI) Index in 2021, based on three dimensions of financial inclusion -- 'Access', 'Usage' and 'Quality'. The FI-Index has been conceptualise

India's financial inclusion journey can be example for other countries: UN

India is at the vanguard of the digital revolution and its financial inclusion journey can be an example for other developing countries to look at, senior UN officials and economists have said. Speaking on Thursday at the India Roundtable on Financial Inclusion', India's Permanent Representative to the UN Ambassador Ruchira Kamboj said the country takes financial inclusion seriously and it has led to social and economic empowerment of the people. We believe India's financial inclusion journey can be an example for other developing countries to look at, she said. The discussion, organised by the Permanent Mission of India to the UN, aimed at bringing to centre stage the role of financial inclusion in achieving the Sustainable Development Goals. Delivering the keynote address at the session attended by senior UN officials, ambassadors, diplomats and analysts, Columbia University Professor and former Vice Chairman of NITI Aayog Arvind Panagariya said India played a pioneering role in

Achieve targets under financial inclusion plans: Finance ministry to PSBs

"Banks were advised to leverage their banking correspondents network for outreach and enrolling potential beneficiaries," the finance ministry said in a statement

Breaking barriers, building inclusion

By focusing on measures that make financial services available to households and small and medium enterprises, G20 has the potential to make a real difference in people's lives

Global Partnership for Financial Inclusion G20 meet concludes in Hyderabad

The second meeting of the Global Partnership for Financial Inclusion (GPFI) under G20 India Presidency concluded here on Tuesday. According to an official release, the two-day meeting was led by GPFI Co-Chair and G20 India Presidency and saw participation from Ministry of Finance and Central Bank representatives from G20 and non-G20 countries and international organisations. The meeting also witnessed announcement of the selection of the new long-term Co-Chairs of the GPFI. India and Italy were announced as the new GPFI Co-Chairs with support from the whole membership. They have been selected for duration of three years and their tenure will commence from 2024, it said. During the plenary, the GPFI members discussed and agreed on the way forward for important deliverables for the year including those on Digital Financial Inclusion, SME Finance. A dedicated workshop was also organised for the development of GPFI Financial Inclusion Action Plan (FIAP) 2023 which will guide the ...

Paytm inks pact with Andhra govt for initiatives in financial inclusion

Digital financial services firm One97 Communications that owns Paytm brand on Monday announced it has signed an agreement with the Andhra Pradesh government to drive initiatives in financial inclusion, public health, cyber security. The Memorandum of Understanding was inked on the sidelines of the Andhra Pradesh Global Investors Summit 2023. "The agreement aims to promote mutual cooperation in the areas of industrial development, financial inclusion, public health, cyber security and prevention of financial frauds in the state of Andhra Pradesh," according to a company release. Under the pact, Paytm plans to empower merchants, street vendors and street hawkers in Andhra Pradesh to accept digital payments and provide them access to loans through its lending partners. "Paytm plans to extend its platform to the government of Andhra Pradesh for providing eGovernment services, which will be conveniently accessible to all Paytm Super App users. Additionally, Paytm plans to empower variou

FinMin meets private sector bankers, reviews progress of flagship schemes

The finance ministry on Tuesday held a meeting with private sector lenders to review progress made by them under the flagship financial inclusion and social security schemes. "Dr. Vivek Joshi, Secretary DFS chaired a meeting today with the representatives of Private Sector Banks, Small Finance Banks and Payment Banks to review the progress made by them under various Financial Inclusion initiatives (PMJDY, PMJJBY, PMSBY, APY, PM SVANidhi, etc.)," Department of Financial Services said in a tweet. Last week, Joshi met heads of public sector banks and urged them to achieve targets under various schemes for current financial year. During the meeting, progress of various social security (Jan Suraksha) schemes, including Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Pradhan Mantri MUDRA and Prime Minister Street Vendor's AtmaNirbhar Nidhi (PMSVANidhi), and Agri credit etc, we

Internet connectivity key to India's robust financial inclusion: SBI chief

Khara said that his and other banks have created a robust system of digital banking that help people get access to their banking needs in real time

India great example of how financial inclusion can work: German envoy

India is a great example of how to bring about financial inclusion and it needs to share this experience with the world at large, a German diplomat, who was a part of the delegation at a recent G20 meeting in Kolkata, said. He also said that India has taken over the G20 presidency from Indonesia at a crucial time for world development. "India is a great example of how financial inclusion can work. Over the last 10-odd years, you have made tremendous progress, and are much further advanced when it comes to electronic payment methods than, say, Germany for example," Manfred Auster, the Consul General of Germany in Kolkata, told PTI. Auster was a part of the delegation at the first Global Partnership for Financial Inclusion meeting of the G20, which was held from January 9-11. "In India, you pay everything with Unified Payments Interface (UPI), every small vendor will accept it. But in Germany, we still use quite a lot of cash Financial inclusion is important as common people, especia

World's focus must be on women-led development: Munda at G20 event

India's G20 presidency seeks 'human-centric globalisation', says Union tribal affairs minister

Financial inclusion, remittance cost focus areas in G20 meeting

In Kolkata, apart from the plenary meetings, there would be a symposium that would see participation of 12 international speakers

Aadhaar's new goal: AePS to facilitate financial inclusion in rural areas

As per official data, the UIDAI records seven to eight crore Aadhaar authentications every day, and AePS currently comprises nearly 40% of them

69% Indian households struggle with financial insecurity, says survey

Despite robust growth in financial inclusion and the burgeoning financial services industry, almost 69 per cent of Indian households struggle with financial insecurity and vulnerability, according to a personal finance survey conducted by Money9. India's Personal Finance Pulse maps Indian households' income, savings, investment and spending, said a statement issued by Money9, promoted by TV9 Network. Providing insights into how India earns, spends and saves, the survey has also unveiled the country's first-ever state ranking of citizen financial security -- the Money9 Financial Security Index. "The survey finds that the average income of an Indian family of 4.2 persons is Rs 23,000 per month. Over 46 per cent of Indian families have an income of less than Rs 15,000 per month i.e.belong to the aspiring or lowest-income cohort," it said. "Only 3 per cent of Indian households have a luxury standard of living and most of them belong to higher income cohorts (High- Middle and Rich)." Al

Merger of PSBs haven't impacted financial inclusion adversely: RBI

Preserving financial system stability an overriding objective for regulators says deputy governor Rajeshwar Rao

Digital Banking Units to boost financial inclusion: All you need to know

Karnataka, Tamil Nadu, Uttar Pradesh, Odisha and Rajasthan will get four DBUs each, followed by Gujarat, Kerala, Madhya Pradesh, Maharashtra, Punjab, Sikkim and Telangana, with three DBUs each

FinMin's special campaign in seven districts to deepen financial inclusion

Campaign will work to achieve saturation in respect of bank accounts, insurance/pension schemes; distribution of loans to FPOs, SHGs for setting up cold-chain infra, KCC penetration, among other thing

Public sector banks to open 316 branches in financial inclusion drive

Brick and mortar branches to be opened by December 2022; progress was shared in PSB review

The path to greater financial inclusion

Data for 2021 suggest that at least 76 per cent of the global population holds a bank account

Financial inclusion shaping rate-setting decisions now: RBI's Michael Patra

Financial inclusion lowest in rural and agriculture-dependent areas where food is the main source of income, say deputy governor.

Plan to create value from waste, use green hydrogen, says Nitin Gadkari

Union Minister Nitin Gadkari on Thursday said that he envisions to "create value from waste" and is planning to use green hydrogen to run buses, trucks, and cars in Indian cities.