Mumbai: President Ram Nath Kovind on Wednesday urged banks to deepen financial inclusion.

Deepening financial inclusion is the best way to gain “market depth" and for “de-risking operations", Kovind said at the golden jubilee celebrations of the National Institute of Bank Management.

Banks should consider financial products which meet the requirements of those at the bottom of the economic ladder, Kovind said and urged banks to display greater empathy and compassion towards the underprivileged.

"India’s future journey will be greatly helped if banks exhibit deeper reach and become more efficient. Given the growing size of our economy, we should aim to have more than just one name in the world’s top 100 banks," he said.

While 9.2 lakh crore has been transferred through direct benefit transfer to the underprivileged, he noted that banks can raise this bar of expectation.

Urging banks to ensure gender parity in ownership of financial assets, Kovind said, "Women have greater financial acumen. I note with satisfaction that the gender gap in ownership of accounts is coming down rapidly. This takes us a few steps closer to our constitutional goal of economic as well as social justice. I request banks to take proactive measures to bring greater gender parity in ownership of financial assets."

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