India needs a savings revolution
Financial inclusion isn’t just about numbers — it’s about people. And when more people have access to high quality, affordable financial services, they have more opportunities to thrive. This is specially true for women who are often underserved by traditional financial institutions. There’s no work ethic like that of a poor woman...
marshal their resources to build something better for themselves and their children. It allows them to fund their own businesses, to look ahead with confidence. Savings helps families to take the giant leap from reacting to events to planning for a healthier, happier future.”
Financial inclusion isn’t just about numbers — it’s about people. And when more people have access to high quality, affordable financial services, they have more opportunities to thrive. This is specially true for women who are often underserved by traditional financial institutions. There’s no work ethic like that of a poor woman. She toils tirelessly for the good of her family, putting their needs before her own. Even in traditional societies, no matter how oppressed women are or the degree of literacy, they are often the stewards of family savings.
Three years ago, Prime Minister Narendra Modi launched a steroidal savings account revolution. Thousands of bankers and banking agents fanned out across the country to reach people in farflung villages and city slums. The nationwide campaign yielded stellar results and set many world records. To open an account now, reams of identity documents are no longer needed — and money for a deposit isn’t necessary, either. Money, which was earlier kept in tins at home and was open to loss or theft is deposited in the account that pays interest and is insulated from the daily demands of life.
India is now on the cusp of a new savings pathway that shows hope — and an opportunity provided we sustain the same zeal, commitment and momentum.
The writer is a well-known banker, author and Islamic researcher. He can be reached at moinqazi123@gmail.com