Improving livelihood with financial access is the task ahead

Priority now for active use of accounts to save money, get insurance and overdraft

geetanjali

Geetanjali Minhas | January 19, 2018 | Mumbai


#PMJDY   #Jan Dhan   #Financial Inclusion   #State Bank of India   #PK Gupta   #Banking Reforms   #Casebook Launch   #Banking   #Demonetisation  
GN Photo
GN Photo

“Demonetisation has created an entire system of digitisation and financial inclusion,” said PK Gupta, managing director (Retail and Digital Banking), State Bank of India, at the launch of the Governance Now India Financial Inclusion Case Book in Mumbai on Friday. He further stated though there are targets yet to be achieved, approximately 30 crores accounts have been opened in under Jan-Dhan Yojana. Out of these, 10 crores accounts are with SBI. Apart from this the bank has 60,000 banking correspondents. The number of zero bank accounts is less than 20 percent.

Gupta told the gathering that the bank runs 338 financial literacy centres and has trained 42 lakh people so far. It is also running 151 rural self-employment training institutes which have trained 5.37 lakh people. About 3.5 lakh of these people have now self-employed. SBI is now looking at giving loans of Rs 20,000- 25,000 lakhs under Swachh Bharat for the construction of toilets.

AP Hota, former MD and CEO, National Payments Corporation of India (NPCI), said, “The idea of providing bank accounts has more or less been achieved and no longer a challenge.”

He said that financial access is being provided with 1,26,000 fixed point and 3 lakh business correspondents. “Though people are aware of facilities available in banking system and government schemes, real success will come only when their livelihood improves because of financial access and they stop their dependence on non-institutional channels."

Emphasising on the access to rural healthcare, Hota said that the existing government schemes have to be refined for ‘health for all’. “The next stage of financial inclusion should work in close combination with development machinery in rural areas. Putting all the burden of financial inclusion on banks is not right and it is time to see that the government and banking system work together to see that there is improvement in people’s life,” he said.

Speakers from various public and private banks, cooperative banks and digital solution providers were present in the event.

 
 

Comments

 

Other News

Howdy Modi? “All is well in India…”

The event was named ‘Howdy Modi’. “But Modi alone is nothing. I am a person working for the wishes of 130 crore people in India. So when you ask, ‘Howdy Modi’, I would say, ‘All is well in India’.” Joined by US president Donald J Trump, prime m

Before accusing Nehru (or Modi) of economic blunder, read this

The Promise of India: How Prime Ministers Nehru to Modi Shaped the Nation (1947-2019) By Jaimini Bhagwati Penguin Viking, 385+xxix pages, Rs 799 Is Nehru to be blamed for all the ills plaguing Indian economy, with his protectionism and five-yea

Mumbai civic body invites urban designers to improve five streets

To redesign and make its streets safer and inclusive in a studio project, the Municipal Corporation of Greater Mumbai (MCGM) has invited urban designers to join hands with its engineers so as to create innovative place-making strategies for improving walkabilty and vehicular efficiency. 

Corporate taxes cut to spur economy

Aiming to dispel the clouds of a slowdown, the government on Friday announced a series of measures including corporate tax breaks to revive economic activities. The stock market, depressed for a while, welcomed the move that would cost the exchequer Rs 1,45,000 crore. Union minister for fina

E-cigarette ban welcome; now aim for more tobacco control

In what it describes as a “major health and wellness initiative for the country”, the union cabinet has approved the promulgation of an ordinance to ban electronic cigarettes. The move, coming amid a debate over the ways to control tobacco use, should be welcomed, and it needs to be complemente

Ajay Singh is president’s press secretary

Ajay Kumar Singh, who has been the editorial director of Governance Now, has been appointed the press secretary of the president of India. The decision was made by the Appointments Committee of the Cabinet headed by prime minister Narendra Modi on Monday. The appointment will be on contract



Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter