Priority now for active use of accounts to save money, get insurance and overdraft
Geetanjali Minhas | January 19, 2018 | Mumbai
“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.
India’s overall exports, including services and merchandise, have crossed US$750 billion, minister of commerce and industry Piyush Goyal has announced. This is an all-time high and this achievement comes in the 75th year of independence as we celebrate the Azadi Ka Amrit Mahotsav. Addr
India’s climate actions cut across various sectors and are being implemented through various programs and schemes of different union ministries, departments and state/ union territory governments. The government of India through concerned ministries and departments organises workshops, exhibiti
In a judgment with far-reaching implications, the Supreme Court has held that the civil consequences of an account being declared as fraud under the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select FIs) Directions, 2016 or its Master Directions on Fraud amount to ci
The Dehradun-based Forest Survey of India (FSI), an organization under the Ministry of Environment, Forests and Climate Change, carries out the assessment of forest cover biennially since 1987 and the findings are published in the India State of Forest Report (ISFR). As per the latest ISFR 2021, there is a
While the average growth of energy requirement in the country for 2023-24 viz-a-viz 2022-23 has been estimated as 4.9%, the months of April and May have been projected as high demand period. During the current year, the peak demand is expected to be around 229 GW during the summer period. The government ha
As the UN has declared 2023 as the International Year of Millets, the Indian Army has steered introduction of millets flour in the rations of soldiers. This landmark decision will ensure troops are supplied with native and traditional grains after over half a century, when these were discontinued in favour