Opinion | Why India needs to promote savings culture4 min read . Updated: 10 Aug 2018, 09:28 AM IST
The channels that have been used for financial inclusion and digital payments can be used to promote financial literacy
A senior citizen recently remarked that these days banks only contact you for loans as compared to 3-4 decades back when banks reached out to customers to garner deposits. I couldn’t agree more. Whenever I visit any ATM, I find advertisements of various types of loans, especially personal loans and home loans. Seldom does one find any promotions on savings or investments. Even at most companies, a presentation from bankers, which is normally part of the induction programme, covers only borrowing and doesn’t talk about savings or investing. Other than covering the features of the banking account, inductees are also offered credit cards and pre-approved personal loans based on their employment.