Financial inclusion will continue to be a policy priority: Das
RBI CHIEF SAID THAT GREATER FOCUS IS NOW BEING GIVEN TO ADDRESSING THE WEAKER SECTIONS OF THE ECONOMY
MUMBAI: Reserve Bank of India (RBI) governor Shaktikanta Das on Friday said that financial inclusion will continue to be RBI’S policy priority as India recovers from the pandemic. Speaking at the Economic Times Financial Inclusion Summit, Das said that all stakeholders must ensure that risks like mis-selling, cyber security and data privacy are addressed and trust be promoted in the financial system through appropriate financial education and awareness.
“There is 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 that 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 capacity of customers, so that responsible and sustainable use of financial services can be achieved,” he added.
According to the RBI governor, the pandemic has accelerated the push towards digitalisation with greater adoption of digital payments.
“As of March 2021, banks have achieved a digital coverage of 95.9% of individuals while the achievement for businesses stood at 89.8%,” 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 the Index will be published shortly by the RBI,” he added.