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

On a personal note: DIVINE

An underground rapper who grew up on Mumbai streets, Divine spins his music around his environment and poverty. His breakout single, ‘Meri Gully Mein’, along with fellow rapper Naezy caught Bollywood’s attention. The Hindi film ‘Gully Boy’ is inspired by their lives and gr

The role model for an IAS officer

Anil Swarup, an IAS officer of Uttar Pradesh cadre who retired in 2018, is a model bureaucrat who retained his optimism right till the end of service and exemplified dedication and commitment. His excitement at the opportunities that a job in the IAS provided is evident on every page of his new book publis

Reform of the civil services: At home and away

The question of reform of the civil services has been debated extensively at all levels at least over the last five to six decades after independence. Indeed, it was soon perceived that the Indian Administrative Service (IAS) may not be well equipped to deal with the problems of an emerging developing coun

The greatest challenge for any government

Shouting vengeance at all and sundry while wriggling out of holes of our own making seems to be our very special national characteristic. Some recent instances are illustrative of this attribute. A number of business tycoons with thousands of crores of unresolved debts have fled abroad with the government

The mysterious case of CBI’s legality

The Central Bureau of Investigation (CBI) came into existence, based on a Resolution of the home ministry, dated April 1, 1963 – a sheer coincidence that it also happens to be April Fool’s day. Over the past few months, we have seen the CBI live up to its founding day with great zeal, being i

The Evolution of Modi

Gujarat was passing through a turbulent phase in the 1980s. The decade began middle class agitations against new reservation policies, and the caste friction turned communal under the watch of chief minister Madhavsinh Solanki, alienating majority of urban population on both counts. The ground was ripe for

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter