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

Railway electrification: Easier said than done

Even as the railways minister Piyush Goyal lays thrust on the 100 percent electrification of entire rail network by 2022, the task cut out for the railways seems to be a strenuous one as it comes with multifarious challenges. Indian Railways has said that it would electrify 38,000 route kilo

A Triumfant meet

Prime minister Modi and president Putin’s meeting at the 19th Indo-Russian summit in New Delhi on October 5 has set a new pace for a ‘special and privileged strategic partnership’ between the two nations. This has come in the aftermath of the Modi-Putin informal meeting at Sochi on May

A space for faith

When the supreme court ruled that women of menstruating age cannot be prevented from going to the Ayyappa shrine in Sabarimala, political parties in Kerala hailed it as a historic victory for gender equality. But now the streets of Kerala are full of men and women protesting against the court order and b

Migrants at a crossroads

For the past fortnight, Gujarat has witnessed an exodus of migrants from Hindi-speaking states like Uttar Pradesh and Bihar. The migrants, mostly of the labouring classes, have been attacked by locals after a 14-month old girl was raped, allegedly by a Bihari whom the police have arrested. The rape survivo

GSL’s highest ever financial performance in 2017-18

Goa Shipyard Limited, CMD, Rear Admiral (retired) Shekhar Mital said that GSL’s revenue has moved up by 32 per cent from Rs 1,102 crore in 2017 FY to Rs 1,452 crore in 2018 FY, while operating profit has moved up fro

BHEL bags emission control equipment order from NTPC

BHEL has clinched four orders worth Rs 2,900 crore for emission control equipment from NTPC.    BHEL has been a major player in this area for more than a decade and was one of the earliest entrants in the Indian market for emission control equipment, having successfully exec

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter