Page 4 - Financial Inclusion

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.

Why India needs to adopt crypto

A progressive regulatory framework will create a prosperous crypto ecosystem and expand financial inclusion in the country in a secure, simple, and transparent manner

India ahead of China in financial inclusion metrics now: SBI report

States with higher financial inclusion/ more bank accounts have also seen a perceptible decline in crime along with a meaningful drop in consumption of alcohol and tobaccos, according to the report

Story in numbers: Goa sees rise in women-owned bank accounts, shows data

As in many other state, in Goa too, assertion by women is backed by their capacity to take financial decisions

BS BFSI Summit: SFBs should look beyond universal licence, says R Gandhi

Ex-RBI deputy governor says they must become financial conglomerates

MFIs shouldn't sacrifice social mandate at altar of growth: RBI dy governor

M Rajeshwar Rao urges them not to forget sector's original mandate of financial inclusion, as over-indebtedness by borrowers, coercive recovery would roll back gains achieved over the years

PSBs told to push for financial inclusion, expand insurance coverage

The Centre has also asked state-owned banks to enter into co-lending arrangements with NBFCs and MFIs