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

`Bad Bank`: All you wanted to know about NARCL

The cabinet has cleared the formation of ‘National Asset Reconstruction Company Limited’ (NARCL) which will acquire “stressed assets” of about Rs. 2 Lakh crore in phases within RBI regulations in order to address the problem of humongous amounts of bad loans in public sector banks.

Citizens Charter: How this less-known law empowers us

When consumer rights and RTI activist Mohammad Afzal was shifting to a new residence in a different area, he required changes in various documents. He decided to take the help of the Citizens Charter along with other friends who also required similar work with authorities. The Citizens Chart

Minister for Ports, Shipping & Waterways emphasises on setting up of National Transport Facilitation Committees

Union Minister for Ports, Shipping & Waterways and AYUSH, Sarbananda Sonowal has underlined the importance of cross-border connectivity among India and developing nations of South-East Asia. Addressing the ASEAN summit on Future of India-ASEAN Connectivity Partnerships virt

Ministry of Finance organises advance training programme in PPP for states

The Department of Economic Affairs (DEA), Ministry of Finance and the Indian Institute of Management Bangalore has organised a virtual advance level training programme on Public-Private Partnership. Additional Secretary DEA, K Rajaraman, Joint Secretary, DEA, Baldeo Purushartha

Ministry of Agriculture signs MoUs for Digital Agriculture

Modernisation of the Agriculture sector will continue by infusing new technologies so that farmers can increase their income, states Agriculture Minister Narendra Singh Tomar. The Ministry of Agriculture and farmer welfare has signed MOUs for pilot projects with Cisco, Ninjacar

An enabling ecosystem for R&D is a must: Vice President

The Vice President, M. Venkaiah Naidu has stressed the need to create an enabling ecosystem for R&D for India to become a developed nation. He urged educational institutions to have an incr

Visionary Talk: GVL Narasimha Rao, Member of Parliament, Rajya Sabha on Upcoming UP Elections


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter