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Financial inclusion to remain RBI's priority: Shaktikanta Das

Reserve Bank governor Shaktikanta Das also said greater focus is now being given to addressing the vulnerable segments of the economy and population. pti (MINT_PRINT)Premium
Reserve Bank governor Shaktikanta Das also said greater focus is now being given to addressing the vulnerable segments of the economy and population. pti (MINT_PRINT)

  • RBI's Das said all stakeholders must ensure that risks like mis-selling, cybersecurity and data privacy are addressed and trust be promoted in the financial system through appropriate financial education and awareness

Mumbai: Reserve Bank of India governor Shaktikanta Das on Friday said that financial inclusion will continue to be the central bank's policy priority as India recovers from the pandemic.

Speaking at The Economic Times Financial Inclusion Summit, Das said all stakeholders must ensure that risks like mis-selling, cybersecurity and data privacy are addressed and trust be promoted in the financial system through appropriate financial education and awareness.

“There is a need for accelerated universal reach of bank accounts along with access to financial products relating to credit, investment, insurance and pension. It is the responsibility of all stakeholders to ensure that the financial ecosystem (including the digital medium) is inclusive and capable of effectively addressing risks like mis-selling, cyber security, data privacy 10 and promoting trust in the financial system through appropriate financial education and awareness," he said.

Das also said greater focus is now being given to addressing the vulnerable segments of the economy and population. RBI is paying attention to consumer protection and improving the capacity of customers, so that responsible and sustainable use of financial services can be achieved, he added.

According to Das, the pandemic has accelerated the push towards digitalisation with greater adoption of digital payments. As on March 2021, banks have achieved a digital coverage of 95.9% of individuals while the achievement for businesses stood at 89.8%. State Level Bankers’ Committee (SLBCs) have been advised to give renewed focus and emphasis to ensure sustenance of the digital progress in these identified districts, he said.

RBI has also decided to construct and periodically publish a “Financial Inclusion Index" (FI Index) to measure the extent of financial inclusion. The Index will have parameters across the three dimensions of financial inclusion like access, usage and quality. Work on FI Index is underway and it will be published shortly by the RBI, he added.

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