Financial inclusion should provide financial literacy: RBI Deputy Governor

Financial inclusion should provide financial literacy: RBI Deputy Governor

Reserve Bank of India (RBI) Deputy Governor Swaminathan Janakiraman on Saturday said that financial inclusion efforts, such as Re-KYC camps, are not only about expanding banking access but also about empowering people through financial literacy.

Speaking at the Financial Inclusion Saturation programme organised by Indian Bank in Tamil Nadu’s Tiruvallur district, Janakiraman highlighted the value of such initiatives, which allow customers to update their Know Your Customer (KYC) details without visiting bank branches.

“Financial inclusion is not just about providing banking access, but also enabling individuals to improve their lives through financial literacy and contribute to the nation’s economic growth. This saturation campaign is significant as it helps the public complete their Re-KYC without necessitating a branch visit,” Janakiraman said in a press release issued by Indian Bank.

The Chennai-headquartered bank said the camp primarily targeted Re-KYC for Pradhan Mantri Jan Dhan Yojana accounts, along with enrolment under two flagship schemes of the Department of Financial Services — Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a one-year renewable term life insurance plan, and Pradhan Mantri Suraksha Bima Yojana (PMSBY), which offers one-year personal accident insurance against death or disability.

Janakiraman lauded Indian Bank for its proactive approach to financial outreach, ensuring accessibility for eligible citizens.

Indian Bank Managing Director and CEO Binod Kumar reaffirmed the bank’s commitment to “bringing banking to the doorstep of every citizen” and enabling their participation in India’s growth story.

The event saw participation from over 2,000 members of the local community, including farmers, self-help group members, students, and senior citizens. Nearly 350 Re-KYC updates were completed during the camp.

Tiruvallur District Collector M. Prathap, Indian Bank Executive Directors Ashutosh Choudhury and Shiv Bajrang Singh, and other senior officials were also present.