Financial inclusion remains a top priority for both the Indian central bank and the government, especially as a significant portion of the rural population still lacks access to formal banking services. Deputy Governor Swaminathan J of the Reserve Bank of India emphasized the importance of bridging the digital gap to achieve financial inclusion in India.
He highlighted that as financial services increasingly migrate online, there's a risk of leaving behind those without digital access or knowledge. Swaminathan stressed the necessity of tailored digital literacy programs to empower diverse demographic groups to participate in the modern financial system, leveraging affordable technology.
Moreover, he emphasized the ongoing need for capacity building among financial literacy counselors to keep them updated on evolving financial products and customer protection measures. Regular training programs and leveraging technology for education were suggested as effective strategies.
Swaminathan also called for enhanced collaboration among stakeholders, including banks, NGOs, and block-level officials, to ensure seamless delivery of financial inclusion initiatives.
By addressing these challenges collectively and proactively, India can move closer to achieving comprehensive financial inclusion for all its citizens, while also driving micro-finance revenue generation through innovative use of technology.
trong News
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